The basic part of the Azerbaijani retirement pension will be increased, according to Salim Muslimov, head of the State Social Protection Fund.
The basic part of the pension is worth $108.32. The sum was planned to increase by 15-20%. With account of the previous year’s inflation, indexation in 2012 totaled 1.1%.
Muslimov said that obligatory state social insurance would allow pensions to rise. Income from the insurance increased from $234.48 million to $1.91 billion in the past 9 years.
The minister noted that the average annual labour pension sum in Azerbaijan increased by 5%, the retirement pension by 42.5% and totaled $214.1. The country had 1,272,136 pensioners. 2,351,538 (about 37% of the population) use services of the state fund.
