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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On July 26, the Ministry of Economy hosted a meeting with entrepreneurs from the non-oil industry to explore ways to stimulate local production and enhance export potential.
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Azerbaijani internet service providers Aztelekom and Baktelekom will introduce substantial changes to their pricing structure starting August 15, the companies announced today. Under the new tariffs, the minimum internet speed will rise to 100 Mbit/s, with the cost per Mbit/s decreasing from 0.45 AZN to 0.25 AZN. As a result, monthly charges will be set at 25 AZN for 100 Mbit/s, 30 AZN for 150 Mbit/s, and 36 AZN for 250 Mbit/s.
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Independent experts suggest that Azerbaijan may be on the verge of another devaluation of its currency, the manat, due to a shrinking trade and payment surplus. The anticipated economic adjustments come amidst a decline in foreign currency inflows and reduced oil production.
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Azerbaijan’s Foreign Minister Jeyhun Bayramov met today with Ahmed Moallim Figi, the Minister of Foreign Affairs and International Cooperation of Somalia, at the Azerbaijani Foreign Ministry. This meeting followed a discussion held the previous day between Figi and Azerbaijan’s Economy Minister Mikail Jabbarov.
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