By Abdul Kerimkhanov
Minister of Labor and Social Protection of the Population Sahil Babayev has said that average monthly wages in Azerbaijan will be increased by 14 percent in 2019.
“We expect that the average monthly wage growth for 2019 will be 14 percent. There are good prerequisites for this. The salary fund grew by 34 percent over 10 months, and the median salary growth was 32-33 percent”, Minister Sahil Babayev said during the plenary meeting of the Parliament on November 13.
Babayev noted that in 2020, the average monthly wage growth is projected at 15.5 percent, in 2021 the expectation is 7.2 percent, in 2022 - at the level of 5.3 percent, in 2023 - five percent.
Thus, in 2020-2023, the annual increase in the average salary will be 8.25 percent.
In addition, Babayev emphasized that the number of concluded labor contracts following the results of 10 months of the current year increased by 145,000 up to 1.673 million.
The average monthly nominal wage in Azerbaijan will increase to 849.9 manats by 2024 ($500), Finance Ministry has said referring to the forecasts.
By the end of 2020, the average monthly salary will be 716.7 manats ($421.6), a year later the figure will be 768.6 manats ($452.11), in 2022 - 809.2 manats ($476), and finally in 2023 salary will reach 849.9 manats ($500), according to forecasts.
The average monthly nominal wage in Azerbaijan is 589.3 manats ($346.6) as of September 1, 2019.
In 2018, the average monthly wage amounted to 544.1 manats ($320.15).
Azerbaijan increased the minimum wages from 130 ($76.3) to 250 manats ($146.6) - twice in 2019. Thus, the minimum wage in the country doubled in 2019.
Over the past 15 years, the average salary in the country has increased sevenfold, and the minimum wage, 6.5 times.
Under the law, it is forbidden to issue wages to employees below the minimum wage set by the state.
Social protection of the population, an approximation of living standards to the standards of developed countries, is among the top priorities of state policy in Azerbaijan.
Self-employment program implemented by the Ministry of Labor and Social Protection of the Population of Azerbaijan is aimed at providing jobs to low-income citizens, for which they are allocated funds to develop their own business or expand their farms, for example, to purchase large and small cattle.
Abdul Kerimkhanov is AzerNews’ staff journalist, follow him on Twitter: @AbdulKerim94
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