Azerbaijan Sees 79% Increase in Permanent Employment Contracts in Non-Oil Private Sector
The number of employment contracts in the non-oil sector has increased, and jobs have decreased
Over the past five years, Azerbaijan's non-oil private sector has seen a 79% increase in the number of permanent employment contracts, according to Economy Minister Mikail Jabbarov. The minister announced the news on the social media platform "X," highlighting the addition of 426,000 new employment contracts during this period.
Jabbarov attributed these "qualitative changes" in the labor market to economic growth, the launch of new enterprises, investment incentive projects, and a tax policy based on incentives. However, he did not disclose the number of employment contracts terminated over the same period.
Despite the increase in permanent contracts, statistics indicate a general decline in the total number of employees working under contracts. At the end of 2017, Azerbaijan had 1.9 million jobs, with 74% being permanent. The government had planned to create an additional 450,000 jobs by 2025.
According to the State Statistics Committee, as of June 1, 2024, the total number of employees in Azerbaijan's economy stood at 1,749,400, with 893,100 in the public sector and 856,300 in the non-governmental sector. This data reflects a reduction in overall employment numbers compared to previous years.
The government's ambitious job creation targets face challenges amid signs of job cuts, highlighting the need for continued focus on employment growth and economic diversification in Azerbaijan.
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1 comment
Andrews Kyereh
2024-08-06
Seek to recruit foreign nationals with low labor cost to enhance production and increase the national GDP which in a long way helps the generation of profit to the country's economy