President establishes additional security measures for pensioners
By Ayya Lmahamad
President Ilham Aliyev has signed an order on additional measures aimed at strengthening the social protection of pensioners, Azertag reported on February 8.
Under the order, pensioners who get their pension before January 1, 2022, (except those receiving seniority bonuses) will receive financial assistance in the amount of AZN 200 ($117). The assistance will be provided in equal instalments once a quarter, in 2022.
Simultaneously, the Labour and Social Security Ministry was directed to adjust the insurance component of all labour pensions assigned prior to January 1, 2022, in accordance with the annual growth rate of the average monthly nominal wage. Furthermore, the ministry was directed to index the pension capital recorded in the insurance part of individual accounts up to January 1, 2022, in accordance with the annual level of the consumer price index.
Moreover, the Cabinet of Ministers was instructed to submit proposals to the president for inclusion of the abovementioned financial assistance in the annual pensions, starting from January 1, 2023. The Cabinet of Ministers was also directed to submit proposals on the mechanism of increase of indexation of pensions of labour pensioners, who receive a bonus for seniority, as well as on the provision of financial support to these citizens in 2022.
Additionally, the Cabinet of Minister was instructed to take measures to finance the abovementioned assistance at the expense of the state budget and solve other issues arising from the order.
Earlier, Labour and Social Security Minister Sahil Babayev stated that pensions, disability allowances and other social benefits will be increased from 2022. Babayev said that the increase in the minimum pension, social benefits, and allowances will cover more than 730,000 people since early 2022. 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).
--
Follow us on Twitter @AzerNewsAz