By June 1, contributions for compulsory social insurance in the State Social Protection Fund (SSPF) paid 24,393 foreign migrant workers (+ 8.3% YTD.)
As stated in the press release of the structure, 88.75% of them are male, 11.25% - women. Total 104 countries have been represented. For migrants are open individual accounts to which they produce accumulate deductions for compulsory social insurance.
Most legal labor migrants are from Turkey (12,702 people), Georgia (2,699) and Russia (1,403.) Then come Iran (924), China (808), India (758), Pakistan (491), Great Britain (410), Bangladesh (308) and Ukraine (307).
Compulsory social insurance in Azerbaijan was introduced on 1 January 2006, since then it is really valid for foreigners working in the country. --17D—
Economics
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In Baku, grappling with growing environmental challenges, experts and policymakers convened on Friday for an international scientific conference titled “Sustainable Environment: Transition to Green Energy.” The event highlighted the urgent need for innovative strategies to combat pollution and advance renewable energy initiatives.
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Kazakhstan is set to increase its oil transit through the Baku-Tbilisi-Ceyhan (BTC) pipeline by 5.1% in 2024, reflecting growing regional cooperation and diversification in energy routes. According to figures obtained by Turan News Agency, the total volume of Kazakh oil transiting through the BTC pipeline is projected to exceed 1.464 million tons, up from 1.392 million tons in 2023.
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In a groundbreaking development for Azerbaijan’s energy sector, GL Group, a prominent Azerbaijani oil company, has announced plans to drill the country’s first horizontal well on land, reaching a depth of 4,400 meters with a lateral section of approximately 400 meters. The project, a milestone in the region’s oil exploration history, is set to take place at the Kirsangi-Garabaghly onshore fields.
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The Central Bank of Azerbaijan (CBA) forecasts an annual inflation rate of 5.1% by the end of 2024, comfortably within the target range of 4% ± 2%. However, recent data indicate that inflationary pressure has significantly eased over the year: in October, the inflation rate stood at 3.4%, slightly down from 3.5% in September. Official data for November have not yet been released, leaving room for speculation about possible year-end adjustments.
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