Basic part of labor pensions liquidated in Azerbaijan


February 18, Fineko/ The reform of the pension insurance system continues in Azerbaijan.

Labor & Social Protection Minister Sahil Babayev has stated that in 2017, when determining the minimum pension at the level of 110 manats, the basic part of pensions was transformed into minimum pension.

In accord with the presidential decree the minimum pension that amounted to 116 manats as of 1 January 2019, has been brought up to 160 manats. And the State Social Protection Fund will undertake bringing pensions up to the newly-established minimum level," it was informed.

According to the minister, so the minimum part and the basic part of the pension system have the same analogue. Different countries are using two concepts, either basic or minimal.

The pension allowance will be applied towards all pensioners, whose pension is below 160 manats. Their number is about 230,000 people, and 140,000 ones of them are persons with disabilities.