Labor pensions up 40 pct in Azerbaijan
BAKU – Pensions in Azerbaijan have increased by an average of 40 percent for people who retired before 2006, according to legislative amendments that went into effect Friday.
Under the changes to the Law on Labor Pensions, a designated figure of 1.94 manats (around $2.5) will be multiplied by the number of years the retired citizen has worked, and this figure will be added to the basic pension, which makes up 85 manats ($107).
The changes will also apply to persons who retired in 2006-2010.
The changes will affect all types of pensioners except state servants, servicemen, employees of courts and other judiciary bodies, interior and prosecution bodies.
390 million manats (over $490 million) per year is required to finance the increase in pensions.
845,000 people in the country of 9 million retired before 2006. 675,000 of them currently receive the basic pension of 85 manats.
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