15:37 - 27.11.2024

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November 27, Fineko/abc.az. We are indexing pensions 3-fold higher than inflation.

ABC.AZ reports that Minister of Labor & Social Protection Sahil Babayev stated about this at the discussion of the Bill on State Social Protection Fund’s Budget for 2025" at the Milli Majlis plenary session.

He noted that this is the most progressive step of the Azerbaijani government:

"The pension system is an insurance system, a mechanism designed for a 12-year period. Today, in Azerbaijan, the duration of retirement for pensioners is 14.8 years. This indicates the social orientation of our pension system. 57% of those who receive an old-age pension receive a pension for more than 12 years. But we always note that the pension system must be sustainable."