Inflation Rate to be Taken into Account while Paying Pensions in Azerbaijan

Business Materials 7 February 2008 16:30 (UTC +04:00)

Azerbaijan, Baku, 7 February / corr. Trend U. Ismaylova/ The President of Azerbaijan has signed a decree on the indexation of the insurance part of pension, the official press reports.

The report said that the State Fund of Social Protection of Azerbaijan is instructed to hold the indexation of the insurance part of the pension as of 1 January 2008, relative to the index of the consumer prices in 2007.

According to the State Statistics Committee of Azerbaijan, the inflation rate in Azerbaijan, as per the summary of 2007, totaled to 16.7%.