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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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On Thursday, President Ilham Aliyev spoke at a high-level meeting dedicated to Azerbaijan's economic indicators and future strategies, emphasizing significant growth in the non-oil sector and outlining plans to maintain economic stability by the end of the year.
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As part of efforts towards decarbonization, Samira Musayeva, Deputy Head of the State Tax Service at Azerbaijan's Ministry of Economy, met with a delegation from the World Bank during the International Carbon Pricing Forum in Baku. According to the State Tax Service, the meeting focused on exploring various approaches to carbon pricing and promoting sustainable economic development.
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Baku, September 26, 2024 — On September 26, the 2nd Economic Forum of the member countries of the Azerbaijan-Gulf Cooperation Council (AGCC) officially opened in Baku. The event was organized with the support of the Ministry of Economy and the Agency for Export and Investment Promotion of the Republic of Azerbaijan (Azpromo).
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In the first eight months of 2024, Azerbaijan's fruit and vegetable export sector experienced notable fluctuations, with a general decline in the physical volume and value of key export products. Compared to the same period in 2023, exports of fruits and vegetables decreased by 6.1% in physical volume and 3.3% in value, signaling a challenging year for the sector.
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