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Azerbaijan to increase wages and pensions by 20 percent

Business Materials 4 May 2011 11:08
Azerbaijan is expected to increase wages and pensions by 20 percent after adjusting the 2011-state budget, Deputy Finance Minister Azer Bayramov told journalists.
Azerbaijan to increase wages and pensions by 20 percent

Azerbaijan, Baku, May 4 / Trend N.Ismayilova /

Azerbaijan is expected to increase wages and pensions by 20 percent after adjusting the 2011-state budget, Deputy Finance Minister Azer Bayramov told journalists.

"Adjusting the state budget is mainly linked with measures to ensure social protection, including increasing wages, pensions, and carrying out socially oriented investment projects in areas such as water supply, improvement of Baku and the surrounding areas," he said.
Under the corrections to the 2011 budget projection, which is expected to increase by 1 billion manat, proposals are to increase the oil price from the current $60 to $80 per barrel of oil.

The budget revenues of the country in 2011 were approved for $12.061 million manat (centralized income - 11.613.958.2 manat, local - 447.041.8 manat), expenses - 12.748 million manat (centralized expenses - 11.439.980 manat, local expenses - 1.308.020 manat).

In the structure of budgetary expenditures for 2011, 33.3 percent or 4.234 billion manat will be spent on social protection, which is a growth of 8.8 percent compared to 2010. Capital expenditure is set at 42 percent (5.358 billion manat) with an increase of 7.1 percent (357 million manat) since 2010.

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