Azerbaijani Pensions Anticipate 10.8% Indexation

In a recent announcement at an event highlighting the outcomes of 2023, Himalay Mamishov, Chairman of the State Social Protection Fund under the Ministry of Labor and Social Protection of the Population, revealed that pensions in Azerbaijan are poised for a significant 10.8% indexation.

The successful implementation of this initiative is contingent upon the timely submission of essential information by the State Statistics Committee to the Fund, scheduled to be completed by the commencement of February. Upon a favorable decision, the increased amount will be retroactively applied to pensions for the months of February and March, subsequently disbursed to eligible citizens.

In addition to the promising pension adjustments, Mamishov disclosed that comprehensive regulatory documents have been meticulously prepared to pave the way for the establishment of a private pension fund within the Azerbaijani landscape. These documents are poised to undergo scrutiny and approval processes within various government agencies, with Mamishov expressing optimism that the necessary approvals will be secured within the next month.

The prospective introduction of a private pension fund marks a significant stride towards diversifying retirement investment options for Azerbaijani citizens.