Pensions are increased by 12 million manat

The insurance part of labor pensions in Azerbaijan increased by 1.4%. President Ilham Aliyev signed on January 26 on indexation of insurance part of labor pensions from the 1 January this year according to the consumer price index in 2014, which according to official figures totaled 1.4%.

Parallel to State Social Protection Fund (SSPF) will carry out indexation of the insurance part of pension capital accumulated in individual accounts of payers of insurance contributions.

Today at a briefing held in the SSPF  the head of this organization Elman Mehdiyev,  noted  that  today the increase  of the insurance part of pensions 12 million manat will be required in 2105.

Experts estimate that the size of pensions will grow by an average of 65-100 gepiks.

In  2008-2012 NGO "Center for Economic Research" (CER) held an alternative count of the consumer price index, which, according to experts, forcing the State Statistics Committee to give a truthful information on the level of inflation. For example, the official inflation rate in 2010-2011 was announced at the level of, respectively, 5.7% and 7.9%. In 2012, the CER estimated  the price growth at 9.9%. However, the government "could not keep up" with the CER, and announced a 1.1% inflation. In 2013, the official inflation rate was 2.4%.

In 2015, expenses for payments of pensions in Azerbaijan amounted to 2 billion 910,500,000 manat, of which 1 billion 370 million manat accounted for by the insurance part of pensions .-- 08B—