17:20 - 12.12.2022

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December 12, Fineko/abc.az. "Taking into account current indicators, the minimum wage should be increased by 500 manats. This situation can lead to an increase in the wages of more than 400,000 people working with minimum wage in the private sector and in the public sector – 450,000-500,000 people," ABC.AZ quotes expert economist Rashad Hasanov. 

He added that the main factor affecting people's family budget is inflation. In the short-term prospect, we are not concerned about changing the cost structure, but about rising prices. And this means that inflation manifests itself in a tough form:

"It should be borne in mind that the employed working population at best reaches the 5th decile (ed: income differentiation indicator). It is expressed by comparing the ratio between the incomes of 10% of the population with the highest income and the incomes of 10% of the population with the lowest income). The share of foods in expenses of these people is greater. And a higher share of food in the structure of the family budget means that the current inflationary pressure has a stronger impact on the relevant social groups. As everyday goods become more expensive faster, and people consume them. If I were to write down approximate figures under the current conditions, I could say that the incomes of those who work with a wage income, receiving social pensions and benefits, should be increased by at least 20-25%. This can be attributed to both the private and public sector."