Azerbaijani State Social Protection Fund Allocates Additional Funds to Pay Pensions

Business Materials 28 August 2008 14:40 (UTC +04:00)

Azerbaijan, Baku, 28 August / Trend corr. U.Ismayilova / The State Social Protection Funds (SSPF) needs in AZN 91mln to pay labour pensions from 1 September according to the decree issued by Azerbaijani President. Under the decree, the labour pensions were increased by ?, Salim Muslimov, Head of the SSPF, said.

"Some AZN 18.2mln will be paid in first month, and the rest AZN 72.8mln are expected to be paid within the next months," Muslimov said. Labour pensions basic part is increased to AZN 75.

According to Muslimov, taking into consideration that the average labour salaries will make up AZN 75, the minimum labour pension will make up 36.5% of labour salaries.

" Azerbaijan approaches to the point of the European Social Charter to reach the minimum to 40% and we have all chances for it," Muslimov said.

Under the President decree dating 25 August, the minimum salaries will be increased to AZN 75 from 1 September.

The requirements of the European Social Charter and International Labour Organization define the sum of pensions not less than 40% of labour salaries.

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