Azerbaijani labor ministry reveals amount of pension payments in 2020
BAKU, Azerbaijan, Aug.5
By Elchin Mehdiyev - Trend:
Strengthening of social protection of Azerbaijani citizens is at the center of the policy of the president, Azerbaijan’s Minister of Labor and Social Protection of Population Sahil Babayev said.
Babayev made the remark during the discussion of amendments to the state budget of Azerbaijan at an extraordinary meeting of the parliament held on August 5, Trend reports.
According to the minister, from January through June this year, the population was paid 450 million manat ($264.7 million) more than in the same period of 2019.
"In the first half of 2020, pensions for age reached 307 manat ($180.5), and for the loss of the family head - up to 308 manat ($181.1). Azerbaijan ranked first among the CIS countries with regard to the amount of pension payments in terms of purchasing capacity," he said.
The minister also noted that revenues and expenses of the State Social Protection Fund under the ministry are predicted to be equal and amount to 4.78 million manat ($2.81 million), which is 40.8 million manat ($24 million) or 0.8 percent less than the forecast for the current year.
"The reduction was mainly due to cost optimization, increased control and transparency in the calculation of labor pensions and social benefits," Babayev added.
(1 USD = 1.7 AZN on Aug.5)