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Baku/05.01.23/Turan: Since January 1, the minimum monthly wage in Azerbaijan has been raised from 300 to 345 manats ($203) or by 15%. Average monthly wage in the country rose by about this much in 2022. An appropriare order was issued on January 5 by President Ilham Aliyev.
In accord with the decree "On Additional Measures to Improve Social Welfare of the Population," the government is to submit proposals aimed at raising the minimum amount of labor pensions from 240 to 280 manats (+16.6%), as well as social benefits and scholarships.
Experts note that an increase in the monthly minimum wage will be followed by an increase in social insurance payments for individual entrepreneurs, which will worsen their social conditions. If before the beginning of this year they paid 75 manats per month to the Social Insurance Fund, then from January this year this amount will amount to 86.25 manats. Besides, the pension capital required from them can be raised from 34,560 to 40,320 manats. -08D-
Economics
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The State Statistics Committee of Azerbaijan reported that in 2024 investments in fixed assets reached 21,435.1 million manats, which is 0.7% less than in 2023. While overall figures edged lower, the sectoral breakdown reveals notable disparities between the oil and gas sphere and non-oil industries.
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Azerbaijan’s industrial enterprises and individual entrepreneurs reported a modest 1.1% year-on-year increase in industrial production during 2024, reaching an output valued at 64.1 billion manat. The State Statistics Committee attributed the overall growth to a 0.5% expansion in the oil and gas sector, while non-oil and gas industries surged by 7.3%.
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Global diesel prices and refining margins have spiked following the latest U.S. sanctions targeting Russian oil trade, as markets brace for reduced supply, analysts and LSEG data indicate.
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Azerbaijani President Ilham Aliyev hosted Georgian Prime Minister Irakli Kobakhidze on Friday for high-level talks aimed at further developing the strategic partnership between the two neighboring countries in the South Caucasus.
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