Average pensions to increase 25 percent in Azerbaijan by August 1 (PHOTO)

Average pensions to increase 25 percent in Azerbaijan by August 1 (PHOTO)

Azerbaijan, Baku, 1 June /Trend, A.Akhundov/

The average monthly pension is projected to be increased from the current 115 to 144 manat manat in Azerbaijan by August 1, the chairman of the State Social Protection Fund (SSPF) Salim Muslimov said during his speech at a roundtable on "Introduction of a single principle in pension provision - a new stage reforms". The round table was organized by the SSPF in cooperation with the ruling New Azerbaijan Party.

Muslimov said today the average monthly pension in the country is 115 manat. For persons who retired by 1 January 2006, this figure is 102 manat, from January 2006 to 1 January 2011 - 122 manat, after 1 January 2010 - AZN 150.

"A characteristic feature of the transition to the new pension insurance system in Azerbaijan is the transfer of people receiving pensions under the old system to the new system under equal conditions," said Muslimov.

He said the SSPF predicts to bring the coefficient of the netting, which is the main indicator of the pension system and equal to the ratio of average pension to average salary, up to 66 percent.

"Currently the amount of monthly pension is 40 percent of the average monthly salary. Our goal is to bring the coefficient of netting up to 66 percent. This is a very good indicator, for example, in Western Europe it is 55 percent, in Sweden and Germany - 65 percent, in France, Japan and the United States - 50 percent," said Muslimov.

The Parliament of Azerbaijani at the plenary meeting on May 17 approved a bill on amendments and additions to the existing Law on Labor Pensions.

Amendments to the Law envisage to bring methods of calculating pensions in Azerbaijan into a single system.

Muslimov told 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.

He said these changes affect all categories of pensioners and, according to preliminary calculations, the pension will be increased for about 845,000 people.
Official exchange rate on June 1 is 0.7894 AZN/USD.

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