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Pensions to increase to 40% from July 1 in Azerbaijan

17 May 2011 15:14 (UTC +04:00)

Baku. Rashad Suleymanov â€“ APA. The draft of annexes and amendments to the law on â€œLabor pensionsâ€ was submitted for discussion at the Parliamentâ€™s meeting held today, APA reports.

Chairman of Parliamentâ€™s committee on Social policy Hadi Rajabli said that the document reflected the issue on increase of pensions of persons who went into labor pension till January 1 2006. The pensions of about 845 thousand persons will be increased to 40% after the draft lawâ€™s putting in force. It is assumed that the annual demanded assets will be AZN 390 mln, but in the 6 months of the current year it will be AZN 195 mln.
Rajabli said that according to the amendment, the pensions of the persons, who had retired by January 1, 2010, will be calculated from July 1 through determining AZN 1.94 for every year of the work experience.

This amendment will not concern civil servants, servicemen, employees of justice, judicial, internal affairs and prosecutorâ€™s office bodies.

The draft on amendments and annexes was adopted after the discussion.