Azerbaijan leader among CIS countries for monthly pensions

25 December 2020 16:00 (UTC+04:00)

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By Ayya Lmahamad

Azerbaijan maintains the leading position for minimum and average monthly pensions among the CIS countries, the Ministry of Labor and Social Protection of Population has reported.

Up to date, the minimum amount of pensions paid in Azerbaijan is AZN 233 ($137), while the average monthly pensions is AZN 300 ($176.4), including an average monthly retirement pension of AZN 330 ($194.1), the ministry said in its official webpage on December 24.

It was noted that the social reforms conducted in Azerbaijan have led to a significant increase in social payments, as well as pensions.

Labor Minister Sahil Babayev has said that strengthening the social protection of Azerbaijan’s population is one of the priorities of state policy noted that strengthening

Addressing the meeting of the parliamentary committee on December 23, Babayev underlined that the average amount of monthly labor and retirement pensions will increase by 13 percent compared to 2020. Thus, in 2021, the average amount of labor pensions will be AZN 338 ($198.8) and retirement pensions AZN 370 ($217.6).

Earlier the government deiced that the retirement age for men will be 65 years and for women 62 years as of 1 July 2020 and 30 June 202,.

It should be noted that in recent years, Azerbaijan has 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.

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Ayya Lmahamad is AzerNews’ staff journalist, follow her on Twitter: @AyyaLmahamad