Baku/05.01.22/Turan: By decree of Azerbaijani President Ilham Aliyev, the minimum wage in Azerbaijan has been raised to 345 manats from January 1, 2023. The minimum pension has been raised to 280 manats.
Economist Gubad Ibadoglu considers this increase insufficient, since the requirement of the European Social Charter provides for increase in the minimum wages in Azerbaijan to 500 manats per month. The Azerbaijani government promised to fulfill the requirements of the ESC, of which the Republic of Azerbaijan is a member," Ibadoglu said on Facebook.
"According to the commitment of the Republic of Azerbaijan to the European Union, the minimum wage in the country should not be less than 60 percent of the average salary. This means that the minimum wage should be at least 500 manats per month," the economist said.
The rise in the minimum wage will affect earnings of employees working in line with tariff payment.
Ibadoglu believes that it is more correct to determine minimum wages by hourly payment. Thus, hourly payment rates are accepted in the USA. From January 1, the hourly minimum wage in the country will be 1 manat 76 gapiks, and after deduction of taxes there will be 1.7 manats, that is, one dollar," the expert added.
Added to this can be that the increase in the minimum wage will rise the monthly payments of workers to the Social Security Fund and for Compulsory Medical Insurance.
Note that taxpayers registered in Baku will be required to transfer 86.25 manats per month to the Social Insurance Fund, and 13.8 manats per month for Compulsory Medical Insurance. In 2022, they transferred 75 and 12 manats, respectively. Those registered in Sumgayit will transfer 77.6 manats to the State Pension Fund instead of 67.5 manats, and 13.8 manats for Compulsory Medical Insurance.
Economist Samir Aliyev, who reported this on Facebook, pointed out that from January 1, Baku taxpayers, having earned 100 manats, will have to pay 5.5 manats to the tax authorities.—0—
Economics
-
Turkey is in talks with the United States seeking an exemption from sanctions imposed on Russia’s Gazprombank, a key financial institution for energy transactions, to maintain gas payments to Russia, Energy Minister Alparslan Bayraktar said on Tuesday.
-
Kazakhstan is charting an ambitious course to transform its oil export infrastructure, aiming to increase annual shipments via the Baku-Tbilisi-Ceyhan (BTC) pipeline by more than thirteenfold—from the current 1.5 million tons to an estimated 20 million tons. The bold strategy, presented by Energy Minister Almasadam Satkaliyev during a parliamentary session, underscores Kazakhstan’s intent to become a major player in the energy supply chain stretching from Central Asia to Europe.
-
Two new vice presidents have been appointed at BP's Azerbaijan, Georgia, and Turkey (AGT) region division, according to a press release from BP-Azerbaijan.
-
Data on Azerbaijan's oil exports for January-October 2024 reveals a significant drop in both volume and value compared to the same period last year, highlighting the challenges facing the oil-dependent economy. The country exported 495,484.05 tons of oil products worth $309.02 million, a decrease of 40.3% in value and 40.7% in volume compared to 2023, when exports totaled 925,225.07 tons worth $572.21 million.
Leave a review