Bank Of Baku

Average monthly labor pension quintupled during past 7 years in Azerbaijan

Average monthly labor pension quintupled during past 7 years in Azerbaijan
# 13 March 2013 13:26 (UTC +04:00)

 

Baku. Vahab Rzayev – APA-Economics. According to statistical performances since insurance-pension system launched on January 1, 2006, the average labor pensions rose by 5.1 times to AZN 152 from AZN 29.8, minimum amount soared 3.4 times to AZN 85 from AZN 25, substitution rate on pensions for age reached 42.3% from 24.1%, said the Chairman of State Social Protection Fund Salim Muslumov at the conference “Heydar Aliyev 90: Economic modernization”.

 

Muslumov says SSPF’s revenues increased by 4.4 times in the condition of social insurance premium’s rate reduced to 25% from 29%, number of insured persons who are payer of social insurance grew 2,390 from 1,300 persons.

 

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