The insurance part of all types of labor pensions will increase by 16.6 percent in line with the annual growth rate of average monthly salary set by the State Statistics Committee in accordance with Azerbaijani President Ilham Aliyev’s order "On indexation of retirement pensions", signed on February 6, 2020, Azerbaijani Minister of Labor and Social Protection of Population Sahil Babayev said.
Babayev made the remarks at the press-conference in Baku related to the execution of President Aliyev’s order "On indexation of retirement pensions" dated February 6, 2020, Trend reports on Feb. 6.
The minister said that an increase in the total amount of pensions will reach one billion manat ($588.2 million) following 2019 and the current increase in amount of pensions.
The minister added that the new order by President Aliyev shows how successfully social reforms continue in 2020, and that as a result of the successful socialized policy of President Aliyev, important steps are being taken in the social sphere from year to year along with dynamic economic development in the country, including the growth of pension provision.
Azerbaijani President Ilham Aliyev signed an order on indexation of labor pensions on Feb. 6.
According to the order, Azerbaijan’s Ministry of Labor and Social Protection of the Population has been instructed to ensure indexation of the insurance part of all types of labor pensions from Jan. 1, 2020 in accordance with the annual growth rate of the average nominal salary in 2019, established by the State Committee on Statistics and to index the amount of pension capital accumulated in the insurance part of individual accounts in the personal accounting system.
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