Azerbaijan needs a change from monthly to hourly minimum wage, as is customary in the world. But even in these circumstances, Azerbaijan does not fulfill the requirement of the European Social Charter, according to which, the guaranteed minimum wage should be at least 60 % of the average wage, experts say.
On September 1, the minimum wage in Azerbaijan increased from 93.5 to 105 manat. For this indicator, Azerbaijan occupies the eighth place among the CIS countries. Expert at the Center for Economic Initiatives Samir Aliyev believes that there is no direct dependence of the minimum wage on the average salary. Previously, the salary minimum increase by the government was followed by the wage growth in the private sector, but now this is not observed. In addition, according to the Tax Code, exempt from tax is not a minimum wage but living wage (116 manat in 2013).
According to Samir Aliyev, the country also needs a transition to a minimum payment of wages on a sector basis. But even in these conditions, guaranteed by the state minimum wage in Azerbaijan should be at least 247 manats, as required by the position of the European Social Charter. - 08D-
Economics
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The Caspian International Investment Company JSC ended 2023 with a net loss of 557,000 manats, a significant improvement compared to the previous year, when losses were four times higher. The company's pre-tax losses for the year amounted to 264,000 manats, 11 times lower than in 2022, while income tax payments of 293,000 manats highlighted the efficiency achieved through strategic fiscal management.
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The 24th Republican Beekeeping Exhibition and Fair opened in Baku on Monday, with around 120 tons of honey products on sale. The event features the participation of 275 beekeepers from 39 districts across Azerbaijan and will run until September 29.
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BAKU, Sept 10 (Reuters) – The "Chain Reaction 2024" conference commenced in Baku on September 10, bringing together leaders and innovators from across the technology sector. Organized by FARI Solutions in collaboration with the Center for Analysis and Coordination of the Fourth Industrial Revolution and the Innovation and Digital Development Agency, the event is supported by Binance, the world's largest cryptocurrency exchange.
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The Azerbaijani government has amended its financing mechanism for higher education institutions, according to a decree issued by Prime Minister Ali Asadov on September 6. The changes update annual education costs for students in various academic levels and fields, including bachelor’s, master’s, medical, and doctoral programs, under state orders.
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