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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According to the State Customs Committee, in the first eleven months of this year, Azerbaijan transported 6.96 million tons of cargo by rail, worth $3.01 billion. This represents a 4% decrease in volume and a 10.1% decline in value compared to the same period in 2023.
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The Cabinet of Ministers of Azerbaijan has approved a set of regulations to govern the approval of agreements under the country’s competition law, aimed at fostering compliance with legal frameworks and enhancing market transparency.
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Azerbaijan's ambitious program to restore territories liberated from Armenian occupation has attracted attention due to the extensive use of single-source procurement methods, raising concerns about transparency and corruption.
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Azerbaijan recorded a 2% increase in wheat imports from January to November 2024 compared to the same period in 2023, underscoring its continued reliance on external sources to meet domestic demand. This growth comes amid a significant decline in domestic wheat production, which decreased by 148,100 tons in 2024, further intensifying the need for imported supplies.
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