Employers in the January-February fined 140 thousand manats
BAKU/13.03.14/Turan : Since the beginning of the year to sign the labor inspectorate has made 55 employees collective bargaining with employers.
As stated in the press release of the Ministry of Labor and Social Welfare , the monitoring in January and February in various large enterprises revealed 1,330 employees, which is not signed by an individual contract .
Inspection made ??compulsory contributions from employers in the amount of 137,070 manat , which is much more than last year . Most of them ( 129,144 manat) to repay debts on wages . - 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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