Living wage for retirees to increase in 2023

By Azernews

By Fatima Hasanova

The living wage for retirees to increase in 2023 in Azerbaijan, Azernews reports per Accounts Chamber report.

The figure will amount to AZN199 ($117), which is an increase of AZN23 ($13.5) or 13.1 percent. At the same time, this figure is AZN41 ($24.1) less than the minimum pension, making up 82.9 percent of this indication.

As per the proposed law "on the threshold of need criterion in Azerbaijan for 2023," a threshold of AZN246 ($144.7) will be in place as of January 1, 2023.

Earlier it was reported that the average monthly pension is predicted to grow by the end of 2023 according to the conclusion of the Accounts Chamber. 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.

The minimum pension increased by 2.2 times, while the average monthly pension increased by 75 percent over the last 3.5 years in Azerbaijan.