The Ministry of Labor and Social Protection of Azerbaijan has prepared a bill to create a system of compulsory insurance against unemployment.
Innovation provides the legal, economic and organizational basis for this segment for the citizens in whose name the deducted funds to the State Social Insurance Fund (SSPF) in the framework of compulsory insurance.
This system, the provisions of which have already arrived in the offices of the government for discussion, will be radically different from that which applies in the case of calculation of unemployment benefits. Insurance will allow those who are left, for whatever reason, without work, receive insurance payments for a certain period of time approved by the Cabinet of Ministers of the amounts that had previously been listed in the state fund.
At this time, there is a process of consultation with the relevant agencies. According to the law "On employment" unemployed status is issued in the regional centers of employment - if there is a registered citizen in ten days will not receive a job offer, he officially granted the status with the appointment of benefits.
Size of the unemployment benefit is determined by a number of criteria with the achievement of 70% of the salary received by an average of the last job. --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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