MP: Average monthly salary for 2024 is projected at 990 manats

16:16 - 7.06.2024

June 7, Fineko/ In the data provided by the Ministry of Economy in 2023, the forecast of the average monthly salary for 2024 in the amount of 980 manats was initially indicated. According to the updated macroeconomic indicators, this indicator is projected at the level of 990 manats.

ABC.AZ reports that Musa Guliyev, the chairman of the Parliamentary Committee on Labor & Social Policy, stated about this at the Milli Majlis plenary session on June 7.

It was noted that wage growth in the off-budget sector leads to an increase in contributions to compulsory state social insurance in the off-budget sector. With this in mind, in the budget of the State Social Protection Fund for 2024, it is advisable to adjust the amount of income from contributions to compulsory state social insurance in the off-budget sector from the current 3.387 bn manats to 3.577 bn manats with an increase of 190 million manats. At the same time, it is proposed to increase the amount of expenses for the payment of labor pensions by 25 million manats.

Committee’s chair noted that expenses for the maintenance of the staff and local divisions of the SSPF were increased by 5 million manats and brought to 135.1 million manats, as well as the costs of banking operations on pensions and benefits increased by 30,000 manats. In conclusion, the adjusted revenues and expenditures of the SSPF budget for 2024 will increase by 30 million manats and amount to 6.949 bn manats.