From today persons without 25-year insurance experience hardly to get pension benefit right


October 30, Fineko/abc.az. After the minimum pension benefit was raised up to 200 manats, the minimum pension capital required for retirement has also increased this month.

So, at present, for retirement, except for preferential groups, there must be either 25 years of insurance experience or 28,800 manats of the minimum pension capital. ABC.AZ reports that the relevant statement was made by expert economist Vugar Bayramov, the head of the Center for Economic & Social Development, when commenting on the conditions of retirement. The economist points out that if a citizen has not worked for 25 years and has not been able to accumulate 28,800 manats, he cannot be entitled to a pension benefit.

"That is, in this case, pension is not assigned to him," Bayramov said.

According to the economist, the minimum pension capital is set in accordance with the minimum amount of pension.

"Minimum pension capital = minimum pension amount x 144 (12 years X 12 months). In this case, minimum capital of 200 manats x 144= 28,800 manats is required, since the minimum pension is 200 manats. In the future, if the minimum pension is increased, then the minimum pension capital will also grow. For example, if the minimum pension is 300 manats, the minimum pension capital will be 43,200 manats. This means that when the minimum pension reaches 300 manats, only those who accumulate pension capital in the amount of 43200 manats or more will be able to retire without 25 years of experience."