Average pension in the oil industry in Azerbaijan is 370 manats ($ 475) , with 26 thousand "specialized" retirees - the press service of the State Social Protection Fund ( SSPF) .
According to official data, the state-owned oil company as of September 1 transferred to the accounts of compulsory social security 91.5 million manat, in absolute terms, a record for local businesses.
Oilmen of the country have visible benefits - working in the most difficult conditions, a supplement to the salary and retirement for 6 years before their peers. The company has several times arbitrarily reduced staff, renamed, and reduced the production units. As a result of lost archival documents, many thousands of people have not fair accrued pension. -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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