Azerbaijan's State Social Protection Fund Details Spending On Labor Pension In 1H2023
Date
7/27/2023 5:39:21 AM
(MENAFN- Trend News Agency) BAKU, Azerbaijan, July 27. A total of 402
billion manat ($236.4 billion) was additionally spent on labor
pensions in the first half of 2023, Board Chairman of the State
Social Protection Fund (SSPF) under the Ministry of labor and
Social Protection of the Population of Azerbaijan Himalay Mamishov
said, trend reports.
He made the remark during a press conference on the work done in
the first half of this year.
"The average monthly pension has increased by 16.4 percent to
433.3 manat ($254.8) compared to last year," the official
stressed.
In the past five years, the country has implemented four reform
packages, steadily increasing pensions and other social benefits.
So, from February 1, 2023, as part of a new package of social
reforms implemented since the beginning of this year, the minimum
labor pension has been increased to 280 manat ($164.7). Thus,
compared to 2018, the minimum pension increased by 2.5 times. At
present, the minimum pension exceeds the subsistence minimum for
pensioners by 40.7 percent.
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