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Azerbaijan to use new mechanism for increase of pensions


A new mechanism will be used for increase of pensions from next year in Azerbaijan, Minister of Labor and Social Protection of Population Salim Muslumov said during the discussion of drafts of state and consolidated budget for 2017 at the parliament.

 

According to him, the mechanism to increase the pensions has been changed in the law on Pensions: “Formerly, the pensions were divided into two parts: base and insurance parts. Base part of the pensions was increased upon the president’s orders. Insurance part was increased in the beginning of every year in accordance with the inflation indicator of the previous year. This mechanism has already been changed. The pension has not base part any more. Whole amount of pensions will be increased”. 

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