Azerbaijani Pensions Anticipate 10.8% Indexation
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.
Leave a review
-
- Politics
- 10 January 2024 12:37
Economics
-
By the end of 2024, inflation in Azerbaijan is projected at 5.1%, increasing to 5.8% in 2025, as per the Central Bank's announcement. Just six months ago, in April, the bank had forecasted inflation at 3.5% for 2024 and 4.2% for 2025.
-
The Cabinet of Ministers of Azerbaijan has approved the charter of the "Tourism and Recreation Zones Management and Development Center," a public legal entity under the State Tourism Agency. The decision, made on November 4, is intended to fulfill the requirements outlined in the presidential decree from August 2, 2024.
-
A new desalination plant to produce drinking water is set to be built in Sumgait, Azerbaijan, as part of a project aimed at meeting increasing water demands in Baku and the Absheron Peninsula. The project was announced on November 5 during a bid-opening ceremony for proposals submitted in a tender for the plant’s development, according to the Turan news agency.
-
Heydar Aliyev International Airport (GYD) has solidified its role as a critical transit hub for Azerbaijan, connecting Baku to over 80 international destinations across more than 30 countries. With routes linking major European cities like London, Paris, and Rome, as well as strategic points in the Middle East, Central, and South Asia, the airport has become central to Azerbaijan’s tourism and transit expansion.
3 comment
Азиз
2024-01-10
Хохма
Burhan
2024-01-10
Цитата такой вершины пенсионной справедливости в стране как этот Гималай. Увеличенная сумма будет ретроактивно применена к пенсиям за февраль и март. Январь он не назвал. Это оговорка или очередной fırıldaq?
Румия
2024-01-27
А почему не назвали надбавку за январь.Очередной фейк?