After Completing Extraordinary Session, Deputies Go on Summer Holidays

Baku / 13.07.19 / Turan: On July 12, the Milli Majlis held the last meeting of an extraordinary session at which it adopted a package of bills relating to the economic and social sphere.

In particular, the parliamentarians made changes to the law "On labor pensions", which provide for raising the minimum labor pension from October 1, 2019 by 25% to 200 manat. Currently, this figure is 160 manat.

In addition, according to the adopted amendments, labor pensions will now be indexed in a new way.

Now, the pension capital recorded in the insurance part of the insured's personal account will be indexed once a year according to the annual inflation rate.

At the present time, along with the insurance part of the labor pension, pension capital is indexed once a year according to the growth rate of the average monthly nominal wage.

The parliament also adopted in the third and final reading changes in the state budget for 2019.

The total amount of revenues and expenditures of the state budget remains unchanged and the amendments provide only changes in some items of the budget expenditure.

In particular, defense spending will be increased by 150 million manat. Their volume will increase to 3 billion 187 million 618.152 thousand manat ($ 1.88 billion). Thus, defense spending in the state budget for 2019 will increase by 4.9%.

At the same time, the amount of funds allocated to the State Social Protection Fund (SSPF) is reduced by 150 million manat.

At the same time, according to the changes made to the budget of the State Social Protection Fund, the income and expenses of the Fund for the current year increase by 200 million manat to 4 billion 128.104 million manat. This will finance the increase in the minimum pension from October 1.

The parliament also approved changes to the budget of the Unemployment Insurance Fund of Azerbaijan, according to which the income and expenses of the Fund in 2019 increase by 15 million manat - up to 98 million 451.4 thousand manat.

Since July 15, the deputies go on summer vacation, which will continue until August 31. -06D-