The is a wage problem in the Sumgait Technology Park (STP) and JSC "Euro-Asian Construction Corporation EVRASCON», which employs several thousand people. Both companies delay salaries for months, according to local media. The STP began repayment of salaries for June; mass layoffs have also begun. One of the dismissed employees Nuraddin Samandarov said Turan, that he and 24 colleagues from the Department of Energy, were "asked" to resign. There are layoffs in other factories STP too.
The problem with the payment of wages is observed in EVRASCON. Employees of corporations, attracted to the construction of Alat-Astara, are not paid salaries. Turan appealed in this regard to the Supervisory Board of the company. Commenting on the situation, a member of the National Assembly Namik Kerimli said that the volume of work carried out by the corporation reduced and customers delay payments, and therefore there are problems with payment of wages. Earlier this year, the credit debts of EVRASCON amounted to 232.7 million manat, of which 67.5 million were attracted from banks. -08B-
Economics
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Azerbaijan has introduced new rules to simplify the leasing of agricultural land on liberated territories, aiming to attract investments and enhance agricultural productivity, according to a presidential decree issued on November 27, 2024.
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The Asian Development Bank (ADB) allocated $10.5 million to support the retail sector in Azerbaijan, marking another step in its ongoing support for the country’s economic modernization. These investments align with Azerbaijan's broader ambitions to diversify its economy and strengthen small and medium-sized enterprises (SMEs), which are key pillars of sustainable growth.
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At today’s session of the Milli Majlis, Azerbaijan’s parliamentarians discussed and approved in the first reading a draft law increasing the minimum subsistence level for 2025. The updated figures reflect a modest rise of 10 manats, setting the nationwide living wage at 285 manats. For specific demographics, the levels are 305 manats for the working population, 232 manats for pensioners, and 246 manats for children. The same session also approved the criterion of need at 285 manats for the coming year, aligning it with the national living wage.
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This year, the plans of the Australian holding Fortescue Future Industries (FFI) for developing "green" projects in Azerbaijan have been adjusted, though negotiations initiated two years ago are ongoing, an informed source told Turan.
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