BAKU, Azerbaijan, November 4. Administrative and incentive measures implemented in partnership with competent authorities have resulted in a 2.7-fold rise in the wage fund and a 2.5-fold increase in median (average) pay during the last five years, the Minister of Labor and Social Protection of the Population Sahil Babayev said, Trend reports.
He made the remark during the discussion of the draft state budget of Azerbaijan for 2024 at a joint session of the committees of the Azerbaijani Parliament on labor, social policy, economic policy, industry, and entrepreneurship.
The minister noted that this will be an ongoing process.
"Today, the wage fund in Azerbaijan is less than 20 percent of GDP. This indicator should reach at least 28–30 percent of GDP for the pension and social insurance systems to grow at a faster pace," Babayev added.
Previously, the conclusion of the Chamber of Accounts of the Republic of Azerbaijan on the draft law "On the state budget for 2024" was published, assuming that the minimum wage in the country (345 manat or $202.9) will remain unchanged next year.
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