Base Pension in Azerbaijan to Increase at Beginning of Second Half of 2008
Azerbaijan, Baku, 2 May /corr. Trend I.Khalilova, I.Alizade / On 2 May, the Government of Azerbaijan has made a decision to accelerate the measures to increase base part of the labor pension in 2008, the Head of the State Social Protection Fund of Azerbaijan, Salim Muslimov, said on 2 May in the Parliament in discussions on the amendments to 2008 Public budget.
Initially there were plans to increase the base part of the pension in two stages in 2008 - from 1 April by AZN 5increasing to the base pension AZN 50 and from 1 August to make it AZN 65. On 1 January, the base pension was increased to AZN 60 and is expected to be increased up to AZN 70 in the beginning of the second half.
According to the accounts of the Social Fund, nearly additional AZN 131mln is required to cover the expenditures arising from the increase in the base and insurance parts of the pension (AZN 103.4mln and AZN 27.7mln accordingly), Muslimov said.
Additional AZN 830,000 is planned to be allocated for the banking service delivering funds to the pensioners.
At present some 1.25mln people, with 406,000 people receiving base pension, have been registered in the Fund.
The correspondent can be contacted at: [email protected]