Pensions may increase in 2023 in Azerbaijan - official

By Trend

The average income in Azerbaijan is expected to be 838 manat ($492) by the end of this year, which may cause an increase in pensions by 14.5 percent on average, Trend reports referring to the Chairman of the Committee of the Milli Majlis (Parliament) of Azerbaijan, Musa Guliyev.

He noted that in order to balance the budget of the State Social Protection Fund in 2022 the funding allocated to the financing of obligations is expected to be 1.4 billion manat ($823 million) which is 235 billion manat ($138) or 19 percent more than the sum of the transfer for 2022.

The income and expenditures of the state fund for 2023 are expected to be 6 billion manat ($3.5 billion) which is 657 million manat ($386 million) or 11.7 percent more than the budget of the current year.