Azerbaijan increases average monthly pensions by 27pct in 2020
By Ayya Lmahamad
The average monthly pensions in Azerbaijan increased by 27 percent in the first six months of current year reaching ($176.4), the Ministry of Labor and Social Protection of Population reported on July 27.
In addition, average monthly retirement pensions increased by 25.24 percent to about AZN 330 ($194.1) during the reporting period.
It should be noted that of July 1, 2020, the number of pensioners in Azerbaijan is 1.2 million people. Of these 736,900 are elderly, 380,900 are disabled people and 142,200 are survivor pensioners.
Furthermore, in January- June this year, the ministry allocated AZN 2.2 billion ($1.3bn) to finance pensions of about 1.3 million pensioners, which is AZN 436.51 million ($256.7M) or 24.09 percent more than in the same period of last year.
Likewise, as of 1 July 2020, more than 85,000 citizens have been assigned pensions, allowances and scholarships through electronic systems.
The volume of social payments paid in Azerbaijan, including pensions and allowances, amounted to about AZN 3 billion ($1,7bn) in the first six months of 2020.
It is expected that as of 1 July 2020 and 30 June 2021, the retirement age for men will be 65 years and for women 62 years.
In addition, Azerbaijan, with an index of 476 international dollars, ranks first among CIS countries for the level of the minimum pension.
Azerbaijan has also modernized the system of provision of pensions. The Automated Pension System, which has been in operation since early 2019, is the first proactive service in the country that allows persons entitled to a pension to automatically receive a pension without going to any institution and without having to provide documents. Over the past period, 25,100 people have received an electronic pension through this electronic system.
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