Penalties become 20 times tougher at labor inspection
The State Labor Inspection Service under the Ministry of Labor is obsessed with the rights of employees .
According to the head of the structure and Deputy Minister Idris Isayev, only in January on 492 violations of rights of employees at 237 companies effective sanctions were applied - employers were fined by an aggregate amount of 339,000 manat ( 23 times more than last year, when employers were trimmed with symbolic fines ) . As a result, employers have signed individual contracts with 924 employees. Most offenders of the legislation are concentrated in the regions, said Isayev .
At the insistence of the inspection also signed 24 collective agreements . Employers are also required to pay outstanding contributions to the state social security fund and salaries ( 90,472 manats) . - 17D-
Economics
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Azerbaijan's financial standing continues to strengthen as the country's foreign currency reserves have surged to $71 billion as of January 1, 2025, according to the Ministry of Finance. This figure, which includes reserves held by the State Oil Fund of Azerbaijan (SOFAZ) and the Central Bank of Azerbaijan (CBA), far exceeds the nation's external debt, which stands at a fraction of its reserves, specifically nearly 14 times less. This robust reserve position reflects Azerbaijan's fiscal stability and the government’s strategic economic management.
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According to operational data from the Ministry of Energy of Azerbaijan, in January 2025, the country produced 2.3 million tons of oil, including condensate, and 3.9 billion cubic meters of gas.
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The State Oil Company of Azerbaijan (SOCAR) has opened a representative office in Albania and is set to launch a specific project this year, the Albanian company "Albgaz" announced.
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"Azerbaijan is currently among 54 middle-income countries," said Shahmar Movsumov, head of the Economic Affairs and Innovative Development Policy Department of the Presidential Administration, during the presentation of the World Bank’s World Development Report 2024 in Baku on February 10.
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