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Wednesday December 7 2022

Average monthly pensions up in Azerbaijan

18 January 2022 10:00 (UTC+04:00)
Average monthly pensions up in Azerbaijan

By Ayya Lmahamad

The average monthly pensions have increased by 9 percent to AZN 331 ($194.7) in 2021, the Labor and Social Protection Ministry has reported.

Noting that the growth dynamics of pensions continue in 2021, the ministry added that the average monthly old-age pensions increased by 8 percent to AZN 358 ($210.5).

In total, AZN 4.5 billion ($2.6bn) was paid for pensions in 2021, which is by AZN 118 million ($69.4m) more than in the previous year.

It should be noted that since early 2019 the assignment of pensions has been automated. During the past period, 48,300 pensions were provided through the electronic system, including 22,600 pensions in 2021.

At the same time, last year, the State Social Protection Fund under the Labor and Social Protection Ministry paid social benefits and pensions to 752,000 people.

Of these, 466,000 people were provided with social benefits and 286,000 with the monthly presidential pension.

Earlier, Azerbaijan's Labor and Social Protection Minister Sahil Babayev said that from 2022, pensions and disability allowances as well as other social benefits will increase. He added that from 2022, all types of social payments to this category of citizens will grow.

Babayev stated that since early 2022 the increase in the minimum pension, social benefits, and allowances will cover more than 730,000 people. He emphasized that there will be an increase at the beginning of the year as well, as a result of the indexation, which will cover up to 95 percent of pensioners (1.1 million people).

It should be noted that since the outbreak of the COVID-19 pandemic, the government has expanded social programs, covering more than 4.8 million citizens.

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

Follow us on Twitter @AzerNewsAz

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