By 2020, the length of social insurance for pensioners will be around 12 units of the basic pension for the year. In other words, pensioners will receive an average of over 270 manat per month, with an average salary of 684 manats.
In addition, as reported in a speech at the international conference "Azerbaijan 2020: A Look into the Future" Chairman of the State Social Protection Fund (SSPF) Salim Muslimov labor retirement age for men will be maintained at the level of 63 years, for women - 60 years.
On actuarial calculations based on modern techniques, the local inflation rate at that time will not exceed 4%. Employees will be 2 million (from 37 to 42% of the working population). For this period, the life of men in the retirement age is 10 years, women - 21 years (average 16.4 years). This is due to the fact that the average life expectancy for men is calculated at 73 years, women - 81.
Actuaries estimate legislators confirm that after 8 years, employers will be more disciplined in the social charges - the rate for them will decrease from 22 to 15% as the contribution due to the salary of workers from 3 to 10%.
By the time will increase and the number of pensioners - 1 million 328 thousand people, in this case, for every retiree will have to 2 paying social insurance.
Fund expenses are (again counting Actuaries) at 4.3 bn, the average monthly pension will increase to around 255 manats (38-40% of the average wage).
The percentage of revenues from the state fund revenues for social insurance in the total income of the Fund will increase from 58 to 73%, said Muslimov. - 17D-
Economics
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SOCAR President Rovshan Najaf met with the Minister of State for Petroleum of Pakistan, Musadik Malik, on January 18. According to SOCAR, the discussions covered joint energy projects, achieved outcomes, and cooperation opportunities in various areas, including the trade of petroleum products.
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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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