Azernews.Az

BAKU – Basic pension in Azerbaijan is presently $106, making the country second in the Commonwealth of Independent States (CIS) on this figure, the social security body has said.

The South Caucasus republic is behind only Kazakhstan, where the figure is $124.2, according to Salim Muslimov, chairman of the State Social Protection Fund.

Basic pension makes up $91.4 in Ukraine, $90.2 in Russia, $81.1 in Belarus, $44.3 in Georgia, and $21.6 in Armenia, he said.

Muslimov told a press conference Friday that since the introduction of the new insurance and pension system in Azerbaijan, the minimum monthly pension in the country has more than tripled and the average pension has quadrupled.

Basic pensions based on retirement age increased 13.6 percent to reach 85 manats ($106) from September 1.

According to Muslimov, as of October 1, the average labor pension in Azerbaijan made up 111 manats ($139).

There are 1,287,000 retired people in Azerbaijan, including 512,000 men and 775,000 women.

The retirement age is 52.5 for men and 57.5 for women. This age, however, is to be gradually increased to 63 and 60 respectively by 2016.