Labour Minister: Average monthly pension to be brought up to 350 manats


March 16, Fineko/abc.az. "Continuing social reforms this year, all pensions have been indexed by 16.6% by the order you signed," stated Sahil Babayev, the Minister of Labor & Social Protection, at today’s reception with President Ilham Aliyev.

ABC.AZ reports that according to the minister, as a result, the average monthly pension in Azerbaijan has exceeded 300 manats.

Babayev noted that when calculating the age pension, we expected to bring the average monthly pension up to 350 manats: "This is, of course, the result and success of large-scale social reforms carried out under Your leadership and on your initiative over the past 2-3 years. In general, the financial cost of your recent reforms totals AZN 560 million. In other words, an additional AZN 560 million manats will be paid to pensioners at the expense of indexation this year. Taking into account last year's reforms, when the total annual financial cost was about AZN 450 million, as a result of the decisions made during the year, our pensioners were paid more than AZN 1 bn of pensions. These funds are also fully welcomed by the State Social Protection Fund and do not create an additional burden for the State Budget."