The sums added to the basis parts of the pensions of national heroes, heroes of war, etc. have also increased.
The President, Ilham Aliyev, announced his decision to increase the basic pension in mid-July.
The salary and pension rise is to reduce the poverty level of 11%.
The President also promised to raise the minimum salary in Q3.
The parliament decided to raise the state budget"s income and expenditure items for 2010 in June. The change will total AZN 1.5 billion. The money will be partly spent on social targets (salaries and pensions).
The independent Economic Research Center (ERC) predicted increase in the basic pensions by 20%, and not by 11.3% in the way it took place.
The Minimum Cost of Living in 2010 law of Azerbaijan stipulates AZN 87 (AZN 68 for pensioners). ERC calculated that the minimum cost of living was AZN 111.43 for pensioners in July.
The minimum salary and pension was last increased to AZN 75 in September 2008. This covered 600,000 people receiving salaries from the state budget. Overall 1.3 million people receive pensions, most of them having the minimum level. -01A-
Economics
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Azerbaijan’s economic growth is expected to continue in the coming years, although forecasts from ING Group and the United Nations (UN) present slightly differing views on the pace of recovery. ING Group, the largest banking institution in the Netherlands, predicts modest growth in Azerbaijan’s gross domestic product (GDP), while the UN offers a more optimistic outlook.
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The average age of taxi cars in Azerbaijan has dropped from 15 to 7 years, according to a statement from the Azerbaijan Ground Transport Agency (AYNA), which attributes this change to the implementation of reforms.
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Kazakhstan has bolstered its position in international grain markets by resuming exports to Iran and Azerbaijan, according to the country’s Ministry of Agriculture.
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In recent years, Azerbaijan has quietly fostered a vibrant startup ecosystem that is beginning to make waves on the international stage. From digital education platforms to innovations in agrotechnology, these startups reflect the country's growing embrace of technology and entrepreneurship. A combination of government support, international collaboration, and bold entrepreneurial vision has propelled several Azerbaijani ventures into the global spotlight.
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