Pension Increase for 2008 Defined

Business Materials 13 November 2007 18:08 (UTC +04:00)

Azerbaijan, Baku / Trend corr I. Khalilova / The Azerbaijani Government plans to increase the basic part of pensions to AZN 65 in 2008, the head of the Azerbaijani Social Protection Fund Salim Muslumov said at the Parliament during discussions over public budget for 2008.

"And that is not the maximal limit. Depending on the volume of collected social payments, pensions may exceed AZN 65," Muslumov said.

AZN 140mln is envisaged to increase pensions in 2008, with public budget transfers to make up AZN 72.3mln and the payments on obligatory social insurance to comprise the remaining sum.

According to Muslumov, some 1.140mln employees were registered individually, but there are also 1.370mln free-lance employees.

The Fund may receive additional AZN 116mln from social insurance, in case the remaining 230,000 people appear within a year, which will accelerate increase in pensions.