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Salim Muslimov: Basic and insurance part of pensions to rise in Azerbaijan next year

19 October 2007 14:56 (UTC +04:00)

He added that the basic pension benefits and insurance part of the pension will be raised next year.
He noted that there will be a notable rise in average monthly pension benefit and insurance part of the pension will be indexed.
He said after amending the Labor Pension Law, the amount of additional payment to basic pension of martyr families will be raised to 85% from 80%.
Besides, pension benefits of those who retired before January 1, 2006 will be re-calculated.
â€œThere is no limit in salary of those who retired after 2006. By the old law, the amount of the salary shouldnâ€™t have exceeded three equivalents of the average salary. The maximum salary was AZN 51 during retirement. Thatâ€™s why the president made a decree to solve the social injustice,â€ he added.
He noted that pension benefits of 95,000 to 97,000 people will be re-calculated. /APA-Economics/