The accrual and funding of pensions for November ended on November 25, State Social Protection Fund (SSPF) told Turan.
According to the press service, for 10 months, revenues totaled 2 billion fund 208 million manats (+4 % compared to last year). Most grew up (+12 % ) income under mandatory social contributions of employers , amounted to 1 billion 253 million manats , 57 % or 796 million which occurred in the off-budget sector.
Fund expenses amounted to 2 billion 119 million manats , 98 % of which are pensions and social benefits .Average labor pension in Azerbaijan is 170 manats at the minimum level of pensions in 100 manat. Retirement pension is equal to 45 % of salary.
As of October 1, the country registered 1,274,342 labor pensioners, 39.5 % of which are males. Most of the seniors (62.2 %) receive old-age pensions, 27.1 % - on disability, 10.7 % - due to the loss of a breadwinner. - 17D-
Economics
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Azerbaijan’s economy, which is heavily dependent on oil revenues, faces a stark warning in the 2021 report by Carbon Tracker titled “Beyond the Oil States: The Urgent Need to Reduce Dependence on Oil in the Context of the Energy Transition.” The report ranks Azerbaijan among the most vulnerable oil-dependent countries, placing it in the "5th group" — a category reserved for nations expected to experience a decline in oil and gas revenues exceeding 40% over the next decade. This group includes Angola, Bahrain, Timor-Leste, Equatorial Guinea, Oman, and South Sudan, highlighting shared economic risks for these states.
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Azerbaijan's non-oil and gas exports rose 3.5% year-on-year to $2.8 billion during the first ten months of 2024, the Center for Analysis of Economic Reforms and Communication (CAERC) reported in its November "Export Review."
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Azerbaijan Railways CJSC (ADY) will modify the schedules for commuter and domestic trains in line with the Cabinet of Ministers' decision to adjust work and rest days in November, aiming to ensure safe and comfortable travel during the COP29 event, the company announced.
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In Azerbaijan, the government has increasingly relied on tax exemptions for imported goods as a tool to stabilize domestic market prices. The exemption from the 18% VAT on wheat imports, extended this year, exemplifies this approach. New measures have also been introduced, including tax relief on imports of electric vehicle chargers, while exemptions for high-cost medications are currently under discussion. Notably, defense imports continue to be free from taxes and customs duties.
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