Next year, pensions may be increased twice - the presidential decree on indexation of minimum pensions (all seniors) in connection with consumer inflation and the increase in the insurance part of labor pensions. In the second case indexing will also be tied to the consumer price inflation in 2012.
Today marks 20 years of the State Social Protection Fund (SSPF). According to the SSPF chairman Salim Muslimov, in honor of the anniversary, today the average level of pensions in the country totaled AZN 151.3 (2003: AZN 20). Retirement pension is 167 manat.
According to him, the fund passed 4 stages of formation - from 1992 to 1995, from 1996 to 2002, from 2003 to 2005 and from 2006 to the present day. In 2003, the ratio of pensions to wages (coefficient of netting) was 23%, this figure is 40%.
Azerbaijan has over 1.2 million seniors, said Muslimov. - 17D-
Economics
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On July 26, the Ministry of Economy hosted a meeting with entrepreneurs from the non-oil industry to explore ways to stimulate local production and enhance export potential.
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Azerbaijani internet service providers Aztelekom and Baktelekom will introduce substantial changes to their pricing structure starting August 15, the companies announced today. Under the new tariffs, the minimum internet speed will rise to 100 Mbit/s, with the cost per Mbit/s decreasing from 0.45 AZN to 0.25 AZN. As a result, monthly charges will be set at 25 AZN for 100 Mbit/s, 30 AZN for 150 Mbit/s, and 36 AZN for 250 Mbit/s.
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Independent experts suggest that Azerbaijan may be on the verge of another devaluation of its currency, the manat, due to a shrinking trade and payment surplus. The anticipated economic adjustments come amidst a decline in foreign currency inflows and reduced oil production.
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Azerbaijan’s Foreign Minister Jeyhun Bayramov met today with Ahmed Moallim Figi, the Minister of Foreign Affairs and International Cooperation of Somalia, at the Azerbaijani Foreign Ministry. This meeting followed a discussion held the previous day between Figi and Azerbaijan’s Economy Minister Mikail Jabbarov.
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