Indexation of insurance part of labour pensions to spend AZN 39 mln per year

Indexation of insurance part of labour pensions to spend AZN 39 mln per year
# 26 January 2016 10:04 (UTC +04:00)

He noted that the insurance-pension system applied since January 1, 2016 is aimed at the indexation of insurance part of labour pension which provides reliable protection of pension rights of the citizens: “So, the indexation process is underway in accordance with the inflation (annual level of consumption prices) for the first time. Starting 2007, Azerbaijani President has issued 10 orders on indexation of insurance part of labour pensions since 2007. In 2015, the inflation was maintained at low level, 4%-index of consumption prices was observed. According to the order, amounts paid on insured persons and pension capital amounts accumulated in their personal accounting system will also be indexed. Approximately, AZN 3.24 mln will additionally be spent to indexation of insurance part of labour pensions per month, AZN 38.9 mln per year. Increase of the insurance part of the labour pensions will concern 95% of pensioners. Indexation of the insurance part of labour pensions and pension capital amounts accumulated in individual accounts will be carried out automatically. February’s pensions will be paid with the increase”.

Babayev also said according to the order on “Increase of benefits for an employee using partially-paid social leave for caring for a child” signed by President on January 25, 2016, the amount of benefits for an employee using partially-paid social leave for caring for a 1.5-year-old-child will make AZN 40, for a 1.5-3-year-old-child – AZN 25. Number of those getting benefit for children up to three years old makes 48,000 and AZN 3.5 mln will be allocated for increase of benefit of these persons.

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THE OPERATION IS BEING PERFORMED