Azerbaijan To Increase Salary Fund This Year - Chairman Of Accounts Chamber
He made the statement during the discussion of amendments to the“On State Budget of the Republic of Azerbaijan for 2024” law at themeeting of the Milli Majlis' (Parliament) Committee on EconomicPolicy, Industry, and Enterprising.
"The State Social Protection Fund's main concern remains thesalary fund," he stated.
Gulmammadov highlighted that, based on last year's data, thesalary fund is just over 21 billion manat, or $12.35 billion.
"However, this amount is relatively small, not even reaching 18percent of GDP. This year, we expect it to increase to 22–23billion manat ($12.9–$13.5 billion). The most important issue forus is ensuring that the wage fund across the country grows and thatthe State Social Protection Fund can effectively utilize thesefunds," the chairman added.
To note, from January through April 2024, Azerbaijan's GDP grewby 4.3 percent compared to the same period in 2023 - up to 38.181billion manat, or $22.46 billion, while the value added in thenon-oil sector grew by 7.7 percent.
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