If you perform calculations on the normal indicators, the cost of living has to be two times higher than the current one, the economist Natig Jafarli said.
He noted that the current system of living wage calculations is outdated, as the indicators remained from Soviet times.
"Indicators do not change and the figures are political, not economic. If the cost of living is twice higher than the current one, the government will need to respond by increasing the minimum pension and the minimum wage," he said.
The living wage for 2017 is set at 155 manat, for able-bodied population - 164.5 manat, for pensioners - 130.2 manat, and for children - 136.6 manat.
Note that the cost of living is determined by calculating the total cost of the minimum consumer basket and mandatory fees. ------71D
Economics
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