Azerbaijan, Baku, May 17 /Trend, A.Akhundov/
The Parliament of Azerbaijani at the plenary meeting on Tuesday approved a bill on amendments and additions to the existing Law on Labor Pensions.
The chairman of the State Social Protection Fund (SSPF) of Azerbaijan Salim Muslimov tolf reporters earlier that the amendments to the law will come into force from 1 July 2011, which implies an increase in pensions of persons who retired before January 1, 2010 by an average of 40 percent.
Muslimov said these changes affect all categories of pensioners and, according to preliminary calculations, the pension will be increased for about 845,000 people.
Amendments to the Law envisage to bring methods of calculating pensions in Azerbaijan into a single system. This would require 390 million manat, of which 195 million manat will be allocated during the second half of 2011.
Deputy chairman of the State Social Protection Fund Elman Mehdiyev told Trend on Tuesday after discussions in Parliament regarding amendments to the Law that as a result of changes, the monthly pension will rise from 114 to 150 manat.
"It totals about $200 and if we translate it into purchasing power parity, it will be the highest indicator in the CIS," said Mehdiyev.
Official exchange rate on May 17 is 0.7905 AZN/USD.