BAKU, Azerbaijan, July 27. Work is underway to prepare legal and regulatory documents for the establishment of a private pension fund in Azerbaijan, Chairman of the Board of the State Social Protection Fund (SSPF) of Azerbaijan Himalay Mamishov said, Trend reports.
He made the remark during a press conference.
"Investments in a private pension fund are considered long-term. We are carrying out the process of improving the legislative acts which are prepared for the creation of the fund. We are also coordinating these acts with the relevant authorities. As a result of this process, the corresponding projects will be submitted to the Milli Majlis (Parliament) of Azerbaijan," he said.
As a result of the social reforms carried out in Azerbaijan, the minimum wage has increased 2.7 times, the minimum pension - 2.5 times, the average monthly salary - by 65 percent, the median salary - 2.1 times, the wage fund - 2.5 times, the average monthly pension - 2.1 times, social and pension benefits payments - 5 times.
The average monthly amount of targeted social assistance has increased 2.5 times, due to the creation of more than 10 new types of social benefits and the introduction of a number of benefits in the social security system. The annual amount of funds additionally allocated for these social reforms has reached 6.8 billion manat ($3.9 billion).