Basic part of Azerbaijani pension to increase

The basic part of the Azerbaijani retirement pension will be increased, according to Salim Muslimov, head of the State Social Protection Fund.

The basic part of the pension is worth $108.32. The sum was planned to increase by 15-20%. With account of the previous year’s inflation, indexation in 2012 totaled 1.1%.

Muslimov said that obligatory state social insurance would allow pensions to rise. Income from the insurance increased from $234.48 million to $1.91 billion in the past 9 years.

The minister noted that the average annual labour pension sum in Azerbaijan increased by 5%, the retirement pension by 42.5% and totaled $214.1. The country had 1,272,136 pensioners. 2,351,538 (about 37% of the population) use services of the state fund.

Adapted from: Vestnik Kavkaza