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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According to the State Customs Committee, in the first eleven months of this year, Azerbaijan transported 6.96 million tons of cargo by rail, worth $3.01 billion. This represents a 4% decrease in volume and a 10.1% decline in value compared to the same period in 2023.
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The Cabinet of Ministers of Azerbaijan has approved a set of regulations to govern the approval of agreements under the country’s competition law, aimed at fostering compliance with legal frameworks and enhancing market transparency.
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Azerbaijan's ambitious program to restore territories liberated from Armenian occupation has attracted attention due to the extensive use of single-source procurement methods, raising concerns about transparency and corruption.
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Azerbaijan recorded a 2% increase in wheat imports from January to November 2024 compared to the same period in 2023, underscoring its continued reliance on external sources to meet domestic demand. This growth comes amid a significant decline in domestic wheat production, which decreased by 148,100 tons in 2024, further intensifying the need for imported supplies.
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