Average Monthly Wages Continue to Decline

In a significant shift for its pension system, Azerbaijan is preparing to introduce private pension funds by 2026, offering citizens an alternative to the state-run system that has long been the cornerstone of retirement security. The Ministry of Labor and Social Protection has unveiled plans for over 20 regulatory acts to underpin the launch, which is seen as a pivotal move in the country’s financial system.

Azerbaijan's economy demonstrated robust growth from January to November 2024, with gross domestic product (GDP) rising by 4.7% compared to the same period last year, according to government data. By September, GDP had reached 92.83 billion manats (approximately $54.7 billion USD), reflecting significant progress in diversifying beyond oil and gas, a longstanding focus of economic policy.

A recent report by the World Bank titled “Breaking Barriers for Women’s Employment in Azerbaijan” sheds light on the significant gender imbalance in the country’s labor market. While both men and women participate actively in the labor force, disparities in employment rates, job quality, and societal attitudes highlight the challenges women continue to face.

Azerbaijan's consumer price index rose by 4.4% in November 2024 compared to the same month in 2023, driven by higher costs for food, beverages, and services, government data showed on Tuesday.