Completed November pension accrual
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 financial standing continues to strengthen as the country's foreign currency reserves have surged to $71 billion as of January 1, 2025, according to the Ministry of Finance. This figure, which includes reserves held by the State Oil Fund of Azerbaijan (SOFAZ) and the Central Bank of Azerbaijan (CBA), far exceeds the nation's external debt, which stands at a fraction of its reserves, specifically nearly 14 times less. This robust reserve position reflects Azerbaijan's fiscal stability and the government’s strategic economic management.
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According to operational data from the Ministry of Energy of Azerbaijan, in January 2025, the country produced 2.3 million tons of oil, including condensate, and 3.9 billion cubic meters of gas.
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The State Oil Company of Azerbaijan (SOCAR) has opened a representative office in Albania and is set to launch a specific project this year, the Albanian company "Albgaz" announced.
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"Azerbaijan is currently among 54 middle-income countries," said Shahmar Movsumov, head of the Economic Affairs and Innovative Development Policy Department of the Presidential Administration, during the presentation of the World Bank’s World Development Report 2024 in Baku on February 10.
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