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Basic part of retirement pensions to be increased by 35% in Azerbaijan

Basic part of retirement pensions to be increased by 35% in Azerbaijan

10 November 2011 11:22 (UTC +04:00)

Baku. Nijat Mustafayev â€“ APA-Economics. By 2015, Azerbaijan will increase the basic part of the retirement pensions by 35.5% compare to current year, it was stated in the draft budget for 2012 submitted to the Parliament.

The draft states that the basic part of the country’s retirement pensions for 2011 was confirmed at AZN 85 and this indicator is not expected to change in 2012.

However, from 2013 the basic part of pensions will be risen 23.5% to AZN 105, in 2014 - by 29.4% compared to 2011 and 2012, and in 2015 - by 35.3% to AZN 115.

As can be seen, the average annual growth rate of the basic part of old-age pensions for the next 4 years is projected at 8.8%.

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