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Social Protection Fund head: Azerbaijan to conduct indexation of insurance part of labor pensions

Business Materials 12 January 2011 17:43
The State Social Protection Fund (SSPF) of Azerbaijan appealed to the country’s State Statistics Committee to receive information about the level of consumer price index in 2010, the Fund head Salim Muslimov said.
Social Protection Fund head: Azerbaijan to conduct indexation of insurance part of labor pensions

Azerbaijan, Baku, Jan.12 / Trend, U.Ismayilova /

The State Social Protection Fund (SSPF) of Azerbaijan appealed to the country's State Statistics Committee to receive information about the level of consumer price index in 2010, the Fund head Salim Muslimov said.

"After receiving information in the State Statistics Committee the Social Protection Fund will submit proposals on the indexation of insurance part of labor pensions in the country for approval by the Azerbaijani President," Muslimov said.

Inflation in the country hit 5.7 percent in 2010.

In February 2008, Azerbaijani President Ilham Aliyev signed a decree on the on the indexation of insurance part of pensions based on the previous year's inflation rate. In 2008, insurance part of labor pensions was indexed at 20.8 percent, as a result of 2009 - 1.5 percent.

As of Oct.1 2010, the number of pensioners in the country hit 1.254.200.

The average monthly pension in the country amounted to 111 manat, and the amount of the labor pension on new purpose - 162 manat.

In Azerbaijan pension consists of two parts - basic and insurance. At present, the basic part of pension in the country is 85 manat.

The official exchange rate on Jan. 12 is 0.7976 manat to $1.

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