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Amendments to law on â€œLabor pensionsâ€ to come into force on July 1

13 May 2011 14:46 (UTC +04:00)

Muslumov said the draft law will be considered at the plenary meeting of the parliament on May 17.

Chief of the State Social Protection Fund said as a result of the re-calculation, the work experience will be multiplied by 1.94 and AZN 85 basic pension will be added to this figure.
â€œThe change of the consumer prices from 2006 till 2010 was taken into consideration while calculating 1.94 indicator. Inflation was 8.3 percent in Azerbaijan in 2006, 16.7 percent in 2007, 20.8 percent in 2008, 1.5 percent in 2009, 5.7 percent in 2010,â€ he said.

Salim Muslumov said these changes refer to the pensioners of all categories. He noted that according to the initial calculations, on average the pensions of 845 000 people will be increased.
â€œAZN 390 million will be required within a year to finance this rise,â€ he said.

Chairman of the fund said if the new amount of pension is lower than it was, the previous amount will be preserved.