In Azerbaijan, the number of labor pensioners reached 1 million 271 thousand 210 people (13.5% of the population).
According to the State Social Protection Fund (SSPF), 63.1% of them retired by age, 26.5% on disability, and 10.4% due to the loss of a breadwinner. About two-thirds of the labor pensioners (60.7%) are women.
The average retirement pension is 151.19 manat and the average old-age pension is 167.54 manat.
With few exceptions (97%) standard pensions reached the level of the minimum wage. The average pension in Azerbaijan is 40% and the pension age is 45% of the average wage, says the press-service of the SSPF. - 17D-
Economics
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Azerbaijan’s state oil company SOCAR signed a memorandum of cooperation with North Macedonian company ECM on Thursday, during a visit to Baku by North Macedonia's President Gordana Siljanovska-Davkova, an informed source told Turan.
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Discussions were held in Baku within the framework of the 29th session of the Conference of the Parties (COP29) to the UN Framework Convention on Climate Change, focusing on the "Decarbonization and Climate Adaptation of the Cotton-to-Clothing Value Chain." Among other topics, the state of cotton farming in Azerbaijan was also addressed.
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Azerbaijan has attracted significant interest from companies in both developing and developed countries, as well as from state and private sector representatives of at least 10 nations, regarding participation as shareholders in the Climate Finance Action Fund (CFAF), which has a total budget of $1 billion. The CFAF is one of Azerbaijan’s 14 key initiatives unveiled at COP29, Yalchin Rafiev, Azerbaijan's chief negotiator at COP29 and Deputy Foreign Minister, said at a press conference on Tuesday.
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The Azerbaijani government has proposed that the OPEC Fund participate in financing several renewable energy projects, including offshore wind energy development, green energy corridor initiatives, and a 1 GW project planned by SOCAR in partnership with the UAE-based company Masdar.
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