20 417 Violations of Labor Laws Registered Last Year
In the past year, the State Labor Inspection Service under the Ministry of Labor and Social Welfare identified 20 417 violations of labor laws.
As the head of the Ministry, Salim Muslimov said, penalties were applied against employers that committed offenses in accordance with the laws. The state budget received 1 million 915.35 thousand manat from that, which is 24 times more than in 2013.
According to the minister, last year employees were paid social payments in the amount of 527 574 manat, which had been delayed by the employers before. -- 17D-
Economics
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Azerbaijan's financial standing continues to strengthen as the country's foreign currency reserves have surged to $71 billion as of January 1, 2025, according to the Ministry of Finance. This figure, which includes reserves held by the State Oil Fund of Azerbaijan (SOFAZ) and the Central Bank of Azerbaijan (CBA), far exceeds the nation's external debt, which stands at a fraction of its reserves, specifically nearly 14 times less. This robust reserve position reflects Azerbaijan's fiscal stability and the government’s strategic economic management.
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According to operational data from the Ministry of Energy of Azerbaijan, in January 2025, the country produced 2.3 million tons of oil, including condensate, and 3.9 billion cubic meters of gas.
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The State Oil Company of Azerbaijan (SOCAR) has opened a representative office in Albania and is set to launch a specific project this year, the Albanian company "Albgaz" announced.
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"Azerbaijan is currently among 54 middle-income countries," said Shahmar Movsumov, head of the Economic Affairs and Innovative Development Policy Department of the Presidential Administration, during the presentation of the World Bank’s World Development Report 2024 in Baku on February 10.
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