Azerbaijan to increase pensions in coming years
More funds have been allocated for social protection in Azerbaijan this year than last year, Minister of Labor and Social Protection of the Population Sahil Babayev said Friday at a plenary session of the country's parliament.
Babayev noted that budget revenues of the State Social Protection Fund in 2021 will amount to 5,146,030,160 manat, which is 8 percent more than in 2020.
The minister reminded that strengthening the social protection of the population is one of the priority directions of the policy of the Azerbaijani state.
He stressed that 95 percent of the fund falls on payments to the population.
Babayev added that the average size of labor pensions next year will be 338 manat ($198.8), retirement pensions - 370 manat ($217.6). These figures are 13 percent more than this year.
In the coming years, the indexation of pensions will continue, which will affect the growth of pensions, the minister noted.
Azerbaijan plans to index pensions by 10 percent in 2021, Babayev added.