Azerbaijan’s Wages Fund up by 8pct in 2020
By Ayya Lmahamad
Azerbaijan’s Wages Fund grew by eight percent in the first six months of 2020, Labor and Social Protection Minister Sahil Babayev said in an interview to local channel on July 6.
“This is important in terms of expanding the scope of formal employment,” Babayev said. He stated that increase in salaries is derived from increase in labor contracts, and is also very important in terms of expanding formal employment.
Moreover, he noted that during the pandemic, 910,000 public sector jobs were retained, and was done to preserve jobs in private sector.
The number of employment contracts increased by 110,000 or 17 percent, compared to the beginning of current year.
Minister noted that currently 750,000 people with employment contracts work in the private sector, while the volume of public and private employment contracts increased by 7 percent.
Additionally, he stressed that the increase in labor contracts is linked to the reduction of the shadow economy and the legalization of informal employment.
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