Average monthly pension in Azerbaijan expected to grow in 2023

BAKU, Azerbaijan, The average monthly pension is expected to grow in Azerbaijan by the end of 2023, Trend reports on November 1 via the opinion of the Azerbaijani Chamber of Accounts on the draft budget of the State Social Protection Fund for 2023.


According to the opinion, this figure is expected to equal 422 manat ($248.2), up by 52.6 manat ($30.9), or 14.2 percent compared to the beginning of next year.


The opinion noted that in the first half of this year, old-age pensions increased by 37.7 manat or $22.18 (10.4 percent), disability pensions – by 31.8 manat or $18.7 (10.9 percent), and survivors’ pensions – by 29.8 manat or $17.5 (10.3 percent) due to an increase in the minimum pension, indexation of the insurance part of labor pensions and payment of material assistance.


Given that, following legal acts, indexation is carried out in accordance with the growth rates of the average monthly salary, the envisaged growth rates of the average monthly pension will correspond to the average monthly salary’s growth by 14.5 percent at the end of the current year compared to its beginning.


Source: TREND News Agency

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