The Order of the President of Azerbaijan Mr. Ilham Aliyev on increasing labour pensions by indexing will be applied to 94% of pensioners (VIDEO)
Salim Muslimov: "February pensions will be paid together with increases in January and February"
The Order of the President of the Republic of Azerbaijan Mr. Ilham Aliyev dated February 9, 2018, is another important step towards strengthening the social protection of pensioners, this Order confirms that the growth dynamics in pensions, measures aimed at improving the wellbeing of the population in general were also successfully continued in the current year. Minister of labour and social protection of population Salim Muslumov emphasized it at a press conference held in connection with the Order of the President of Azerbaijan "On indexing the insurance part of the labour pensions". The minister noted that indexation of insurance part of labour pensions with the introduction of modern insurance-pension system in line with international standards has been started from 1 January 2006 in Azerbaijan. As a next reform measure in the insurance-pension system of our country, progressive amendments made to the Law of the Republic of Azerbaijan "On labour pensions" and started to apply from 1 July 2017, served the long-term and reliable financial sustainability of the system forming on the principles of full insurance, to increase opportunities for decent pension provision in the conditions of the market economy. S.Muslumov stated that according to official information submitted by the State Statistical Committee of the Republic of Azerbaijan to the Ministry of Labour and Social Protection of Population of the Republic of Azerbaijan, the average monthly nominal wage rate in Azerbaijan in 2017 was determined at the level of 5.7%. The minister brought to the attention that as of January 1, 2018, the average monthly amount of labour pensions in the country is 208, 36 manats, and the average monthly pension amount is 233, 68 manats. Bringing to the attention increase in labour pensions has been calculated from the beginning of the current year, S.Muslumov noted that February pensions will be paid in conjunction with increases in January and February. The minister emphasized that according to the order, indexation of pension capital amounts paid on insured and registered in the insurance part of personal accounts in their personal accounting system will be carried out. Then S. Muslumov answered journalists' questions.