By Anvar Mammadov
The minimum pension in Azerbaijan will grow 5.7 percent, from 110 manats to 116.27 manats, Salim Muslumov, the country’s minister of labor and social protection of population, said at a press conference on Feb. 10.
The minister noted that changing the minimum amount of pensions in Azerbaijan will affect the process of assigning pensions.
“If pension capital accumulated on a personal account of a citizen doesn’t allow receiving a monthly amount exceeding 116.27 manats, the assigning of pension will be postponed, and the accumulation of the pension capital will continue,” he said.
On Feb. 9, Azerbaijani President Ilham Aliyev signed an order on indexation of the insurance part of labor pensions.
In accordance with the order, Azerbaijan’s Ministry of Labor and Social Protection of Population has been instructed to ensure increase in the insurance part of labor pensions of all kinds in line with the consumer price index in 2017.
The ministry has also been instructed to implement indexation of the pension capital accumulated in the insurance part of individual accounts in the personal accounting system.
(1.7001 manats = 1 USD on Feb. 10)