BAKU, Azerbaijan, July 27. A total of 402 billion manat ($236.4 billion) was additionally spent on labor pensions in the first half of 2023, 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.
He made the remark during a press conference on the work done in the first half of this year.
"The average monthly pension has increased by 16.4 percent to 433.3 manat ($254.8) compared to last year," the official stressed.
In the past five years, the country has implemented four reform packages, steadily increasing pensions and other social benefits. 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.