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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Azerbaijan President Ilham Aliyev has signed a decree to strengthen social protection for pensioners by implementing pension indexation, effective from January 1, 2025.
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The Italian government has extended the deadline for applications in the international tender for the sale of several strategic assets until February 14, confirming that a bidder from Azerbaijan remains among the frontrunners.
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An investigation led by Ghalib Toghrul, Chairman of the Board of the Center for Economic Research, has highlighted budgetary expenditures in the Azerbaijani districts of Aghdam, Fuzuli, and Khojavend, focusing on civil service projects linked to the reconstruction of territories liberated from Armenian occupation.
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On February 4, Azerbaijani Economy Minister Mikayil Jabbarov met with a delegation of the International Monetary Fund (IMF) led by Anna Bordeaux, head of the IMF mission in Azerbaijan, to discuss economic cooperation, financial sector issues and structural reforms, the ministry said.
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