Azerbaijan has raised living standards by 9.7% for 2024

President Ilham Aliyev has ratified the Law "On the Subsistence minimum in the Republic of Azerbaijan for 2024", which fixes adjustments to the subsistence minimum for various socio-demographic groups. The legislation defines the living wage for 2024, demonstrating a strategic focus on social security in the country.

Since January 1, 2024, the living wage for the country as a whole has been set at 270 manats. The breakdown by specific demographic segments includes 287 manats for the working-age population, 222 manats for pensioners and 235 manats for children.

In tandem, President Aliyev also signed the law "On the limit of the criterion of need in the Republic of Azerbaijan for 2024". This law sets a maximum requirement criterion of 270 manats for 2024, which is a key parameter for targeted state social assistance.

For comparison, these figures represent an increase of 9.7% compared to the 2023 standards, which were set at 246 manats for the general population, 261 manats for the able-bodied, 199 manats for pensioners and 220 manats for children.

The figures for 2023, in turn, increased significantly by 23% compared to the previous year.

In fact, the increase in indicators was made adequately to the official inflation indicators, which were established at the end of the year, although as of September it was double-digit - 110.9%.  And at the end of May it was 13.1%.

On July 7, at a meeting dedicated to the results of the country's socio-economic development in the first half of the year, the president demanded that the government shift the inflation rate below 10%.

"Of course, double-digit inflation should make us think. I hope that by the end of the year, inflation may decrease to a single digit level," Ilham Aliyev said.

The President said the government has done it.—0—