Since January 1, the size of the mandatory state social insurance contributions by individuals engaged in entrepreneurial activities without creating a legal entity has risen from 21 to 23.2 manat. This is due to an increase in the minimum wage from 105 to 116 manat, Turan was told in the Ministry of Labor and Social Protection of Population.
This year, as a result of the increase in social payments, the State Social Protection Fund revenues (SSPF) will grow by about 12.4 million manat. Contributions to SSPF are paid about 470,000 individuals.
The Ministry of Labor said the increase in the minimum wage by 10.47% affected 146,000 people. Their annual income will increase by 40.3 million manat. ----08B
Economics
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On July 26, the Ministry of Economy hosted a meeting with entrepreneurs from the non-oil industry to explore ways to stimulate local production and enhance export potential.
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Azerbaijani internet service providers Aztelekom and Baktelekom will introduce substantial changes to their pricing structure starting August 15, the companies announced today. Under the new tariffs, the minimum internet speed will rise to 100 Mbit/s, with the cost per Mbit/s decreasing from 0.45 AZN to 0.25 AZN. As a result, monthly charges will be set at 25 AZN for 100 Mbit/s, 30 AZN for 150 Mbit/s, and 36 AZN for 250 Mbit/s.
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Independent experts suggest that Azerbaijan may be on the verge of another devaluation of its currency, the manat, due to a shrinking trade and payment surplus. The anticipated economic adjustments come amidst a decline in foreign currency inflows and reduced oil production.
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Azerbaijan’s Foreign Minister Jeyhun Bayramov met today with Ahmed Moallim Figi, the Minister of Foreign Affairs and International Cooperation of Somalia, at the Azerbaijani Foreign Ministry. This meeting followed a discussion held the previous day between Figi and Azerbaijan’s Economy Minister Mikail Jabbarov.
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