BAKU, Azerbaijan, July 27. Azerbaijan has implemented four reform packages covering four million people in the past five years, Board Chairman of the State Social Protection Fund (SSPF) under the Ministry of Labor and Social Protection of the Population of Azerbaijan Himalay Mamishov said, Trend reports.
According to the official, the mentioned packages involved additional state funds of 6.8 billion manat ($4 billion).
"The minimum salary increased by 2.7 times - from 130 manat ($76.4) to 345 manat ($202.9). The average monthly salary grew by 70 percent, the median salary - 2.1 times, the Wage Fund - 2.5 times, and the number of employment contracts - by 35 percent," Mamishov said.
"The minimum pension was increased by 2.5 times - from 110 manat ($64.7) to 280 manat ($164.7), social benefits and pension payments - by five times, and the average monthly amount of targeted state social assistance - by 2.5 times," he stressed.
Overall, the country has achieved a steady increase in pensions, like other social benefits, through the implemented reform packages. So, from February 1, 2023, as part of a new package of social reforms implemented since the beginning of this year, the minimum labor pension has been increased to 280 manat ($164.7). Thus, compared to 2018, the minimum pension increased by 2.5 times. At present, the minimum pension exceeds the subsistence minimum for pensioners by 40.7 percent.
According to the new decree of the President of the Republic of Azerbaijan, pensions were increased from January 1 of this year by 14.7 percent indexation, in accordance with the annual growth rate of the average monthly nominal salary in 2022, based on the data of the State Statistics Committee. An additional 728 million manat ($428.2 million) will be spent annually on new allowances.