Good news for pensioners – pension surcharge in February

Thu 06 Feb 2020 15:54 GMT | 19:54 Local Time

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President Ilham Aliyev signed a decree on the indexation of labor pensions.

The Ministry of Labor & Social Protection has commented on the presidential decree on pensions.

ABC.AZ reports with reference to the Ministry that the decree on the increase in pensions to be indexed in accord with the average monthly wage growth in 2019 by 16.6% will cover all the pensioners who receive pension on the insurance principle (93% of pensioners or about 1.12 million). After this increase, the average monthly pension is increased from 262 to 300 manats.

The increase is applied from 1 January 2020, and January’s allowance will be provided together with the pension for February. For example, if the pension is 400 manats, then from 1 January this amount will be increased up to 466.4 manats with an increase of 16.6%, that is, by 66.4 manats, and the January’s allowance of 66.4 manats will be given in February, that is, in February, a person together with the January’s allowance will receive 532.8 manats (466.4+66.4).

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