BAKU, Azerbaijan, November 21. Azerbaijan currently has around 1.1 million pensioners, said Musa Guliyev, Chairman of the Azerbaijani Parliament Committee for Labor and Social Policy, Trend reports.
Speaking at a joint meeting of the Parliamentary Committees for Labor and Social Policy and Economic Policy, Industries, and Enterprising, discussing the budget envelope for the upcoming year, Guliyev noted that the average monthly labor pension in Azerbaijan is expected to reach 494 manat ($290.5) in 2024, with projections for 2025 set at 531 manat ($312.3).
"The average monthly pension for retirees is expected to increase from 527 manat [$310] this year to 569 manat ($334.7) in 2025.
As in previous years, the pension replacement rate, which is the ratio of the average monthly pension to the average monthly wage, will remain at 48.8 percent this year and rise to 49.5 percent in the following years. This will align with the International Labour Organization's (ILO) Convention on Minimum Standards of Social Security," Guliyev added.