Average monthly pension to grow in Azerbaijan in 2023

By Azernews

By Fatima Hasanova

The average monthly pension is predicted to grow by the end of 2023 according to the conclusion of the Accounts Chamber, Azernews reports per the State Social Protection Fund.

The figure is expected to equal AZN422 ($248.2), which is by AZN52.6 ($30.9) or 14.2 percent more compared to the beginning of next year.

Old-age pensions increased by AZN37.7 ($22.18) or 10.4 percent in the first half of 2022, disability pensions increased by AZN31.8 ($18.71) or 10.9 percent, and survivors' pensions increased by AZN29.8 ($17.53) or 10.3 percent, owing to an increase in the minimum amount of pension, indexation of the insurance part of labor pensions, and payment of material assistance to persons assigned a labor pension before January 1 of the current year.

Moreover, the total average monthly pension will increase by AZN1.4 ($0.82) and amount to AZN369.4 ($217.29) at the start of next year, despite a decrease in the average monthly old-age pension of AZN0.1 ($0.059) and an increase in the average monthly disability pension of AZN0.4 ($0.24) due to the expected increase in the type of pension for the loss of a breadwinner.

Earlier, Azerbaijan’s Labour and Social Security Minister Sahil Babayev stated that the minimum pension increased by 2.2 times, while the average monthly pension increased by 75 percent over the last 3,5 years.