BAKU, Azerbaijan, Apr. 12
By Eldar Janashvili - Trend:
The nominal incomes of Azerbaijan’s population increased by 7.4 percent in 2019 compared to 2018, exceeding 57 billion manat ($33.5 billion), Trend reports citing a report on the activities of the Cabinet of Ministers in 2019.
According to the report, an average per capita income amounted to 5,758 manat ($3,387). As a result of social reforms, the minimum wage was brought up to 250 manat ($147).
In total, wages of 1.3 million workers increased significantly in 2019, and the median wage, which is the main indicator of the socially fair distribution of wages, increased by 52 percent.
In 2019, the number of employees increased by 6 percent compared to 2018 and amounted to 1.6 million people, including 914,500 people in the public sector of the economy and 730,900 in the private sector. The coverage of the self-employment program was expanded by 72 percent, and the number of people involved in the training reached 10.3 million people.
The average monthly amount of labor pensions increased from 227.8 manat ($134) to 262 manat ($154.1), including the average monthly amount of old-age pension - from 256.5 manat ($150.8) to 295 manat ($173.5), the average monthly amount of labor disability pension - from 185 manat ($108.8) to 225 manat ($132.3) and the average monthly amount of a labor pension for the loss of the head of the family - from 175.7 manat ($103.3) to 201 manat ($118.2), and the average monthly amount of pensions increased by 15.1 percent.
As of January 1, 2020, 1.2 million people or 12.8 percent of the country's population receive a retirement pension
In 2019, the minimum amount of a retirement pension was increased from 119 manat ($70) to 200 manat ($117.6), which, in turn, led to an increase in pension for 660,000 people. In general, the minimum amount of a labor pension increased by 72 percent. Thus, in 2019, Azerbaijan took first place in the purchasing power of the minimum pension among the CIS countries.
(1 USD = 1.7 AZN on Apr. 12)
Follow the author on Twitter: @eldarjanashvili