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Labor pensions will grow 5.7 percent as a result of indexation of their insurance part in Azerbaijan, Salim Muslumov, the country’s minister of labor and social protection of population, said at a press conference on Feb. 10.

He noted that the average monthly pension in Azerbaijan will be 220.23 manats.

“Two days ago we received data from Azerbaijan’s State Statistics Committee on the growth rate of the average monthly wage in 2017,” Muslumov said. “These are preliminary stats, because the full reports will be ready in a month. Today, the average monthly labor pension is 233.68 manats. As the result of the indexation, the average monthly labor pension will be 247 manats. The average monthly disability pension will increase from 175 manats to 185 manats, and the average monthly survivor’s pensions will grow from 164 manats to 173.3 manats."

"In general, the average monthly pension in Azerbaijan as of Jan. 1, 2018 was 208.36 manats, and as the result of indexation, it will grow to 220.23 manats,” he said.

The minister added that the payment of pensions with increment starts in February, but pensioners will get increment for January pensions as well.

The minister noted that as of Jan. 1, 2018, 1.318 million pensioners were registered in Azerbaijan, and the indexation of pensions will affect 94 percent of them.

Muslumov said that 13.78 million manats will be allocated monthly for the indexation of pensions.