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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S&P Global Ratings has revised its risk assessment of Azerbaijan’s banking sector, upgrading the outlook from "stable" to "positive."
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In recent days, there have been claims that bread prices in Azerbaijan have risen. Social media users report that the price of bread has increased by 5-10 qepiks. According to consumer complaints, it is difficult to find weight information on factory-produced bread, commonly known as "zavod çörəyi" in Azerbaijan. In many cases, bread packaging does not include weight details. Similarly, bread sold at smaller bakeries and tandir houses often lacks information apart from the price.
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A trilateral meeting of the foreign ministers, transport ministers, energy ministers, and heads of customs services of Russia, Iran, and Azerbaijan is set to take place soon to discuss the progress of the Rasht-Astara railway project, a key element of the International North-South Transport Corridor (INSTC). This was announced by Iran’s Ambassador to Russia, Kazem Jalali.
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Azerbaijan and Tatarstan continue to strengthen trade and economic cooperation, based on mutual interests in energy, mechanical engineering, petrochemicals, agriculture, and transport. Bilateral relations have shown steady growth, supported by regular visits of official delegations and participation in international economic forums.
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