As of November 1, 2013 the average labor pension in Azerbaijan (AZN 170 or $ 217) exceeded the minimum subsistence level by 1.7 times.
According to the State Social Protection Fund (SSPF), it has become possible due to the two-tier system of calculation - basic and insurance parts. The funded portion provided by the fund based on best international practice, is not in demand.
According to the fund, the average retirement pension is equal to 45% of the average salary despite the fact that labor pensioners account for 13.5 % of the population. - 17D-
Economics
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Azerbaijan's Minister of Economy, Mikayil Jabbarov, held talks with Heather Evans, Deputy Assistant Secretary for Manufacturing at the U.S. International Trade Administration, focusing on bolstering bilateral ties in energy, trade, and green development.
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The process of securing financing for the construction of the Bilasuvar solar power plant with a capacity of 445 MW and the Neftchala solar power plant with a capacity of 315 MW has been successfully completed.
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The European Commission views Azerbaijan's increasing gas supplies to Europe as a highly beneficial alternative source for ensuring the EU's energy security, said European Union Energy Commissioner Kadri Simson in an exclusive interview with Turan during her visit to COP29 in Baku.
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The State Oil Company of Azerbaijan (SOCAR), which joined the global Oil and Gas Methane Partnership 2.0 (OGMP 2.0) earlier this year, hosted a forum on November 15 within the "Green Zone" of COP29. The event, titled "OGMP 2.0 Leadership Forum," brought together key stakeholders to discuss progress and prospects for methane emissions reduction in the oil and gas industry.
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