A major social package will be implemented in Azerbaijan next year, and funding for it has been allocated as reserve funds in the state budget, Finance Minister Sahil Babayev said at a joint meeting of the Milli Majlis committees on Legal Policy and State Building; Defense, Security and Combating Corruption; Human Rights; and Regional Affairs, APA reports.
The minister stated that a series of social package reforms had previously been implemented in Azerbaijan at the initiative of the head of state.
"Within the framework of these social package reforms, the minimum wage and minimum pensions across the country have been increased several times, and the number of people covered by each package has ranged between 2 million and 3 million on average, depending on the year in which it was implemented. In a very short period, we increased the minimum wage from AZN 130 to AZN 400 and the minimum pension from AZN 116 to AZN 320. And this happened within a very short period. Once the projects prepared by the government are submitted in their final form to the head of state and the relevant decree is signed, the funds will be allocated to the relevant budget items, and we will all see those figures," he said.
The minister noted that pensions are indexed annually in Azerbaijan to protect the welfare of the population, particularly pensioners.
"Indexation is carried out in line with the increase in the average monthly wage in the previous year. Over the past five years, pension indexation has averaged more than 9%. Inflation stood at 5.6% in the first 10 months of this year, while the inflation forecast for next year is 5.3%. Pension indexation is expected to exceed inflation," he said.
Follow us on Telegram
t.me/apanewsaz
Follow us on Instagram
Follow us on TikTok
Follow us on Facebook
Follow us on X
