TODAY.AZ / Business

Azerbaijan doubles minimum wage in 2019

03 October 2019 [12:27] - TODAY.AZ
By Azernews

By Rasana Gasimova

Azerbaijan has increased the minimum wages from 130 ($76.3) to 250 manats ($146.6) - second time in 2019.

Thus, the minimum wage in the country doubled in 2019, Executive Director of the Center for Analysis of Economic Reforms and Communication Vusal Gasimli said on October 2, Trend reports.

Speaking at a press conference on revolutionary social reforms implemented in 2019, Gasimli said that Azerbaijan ranks second among CIS countries in terms of the minimum wage, with the indicator of 595 international dollars. [The international dollar is a conditional monetary unit of account used throughout the world to compare macroeconomic indicators of different countries].

“This means that the minimum wage in Azerbaijan has the purchasing power equivalent to a minimum wage of $595 in other countries. Compared to other CIS countries, the minimum wage in Azerbaijan in international dollars is 2.1 times higher than that in Armenia, 1.6 times higher than that in Kazakhstan, and 1.4 times higher than those in Georgia and Russia,” Gasimli said.

The Executive Director mentioned that the last increase in the minimum wage in Azerbaijan in September 1, 2019 will also positively affect the average wage. This allows us to predict that the average monthly salary will reach 1540 international dollars at purchasing power parity. Due to this, the average monthly salary in Azerbaijan will be 1.6 times higher than that in Armenia (960 international dollars) and 1.1 times higher than that in Georgia (1431 international dollars).

“Currently, the minimum wage in Azerbaijan exceeds the cost of living by 40 percent. This growth also indicates an increase in the average monthly wage in the country. By the end of 2019, it will increase by about 15 percent to reach 625 manats ($366.6),” Gasimli said.

Gasimli also spoke about social reforms carried in 2019, saying that “the package of social reforms in 2019 covered 4.2 million people, and the financing of these reforms amounted to 3.9 billion manats ($2.3 billion).”

Gasimli also mentioned that “according to the minimum pension indicators, Azerbaijan rates first among the CIS countries with 476 international dollars. This indicator is 3.7 times higher than that in Armenia, twice as high as that in Georgia, 1.3 times higher than that in Russia, and 1.1 times higher than that in Kazakhstan,” he emphasized.

Over the past 15 years, the average salary in the country has increased sevenfold, and the minimum wage, 6.5 times.

Under the law, it is forbidden to issue wages to employees below the minimum wage set by the state.

Social protection of the population, an approximation of living standards to the standards of developed countries are among the top priorities of state policy in Azerbaijan.

URL: http://www.today.az/news/business/186893.html

Print version

Views: 503

Connect with us. Get latest news and updates.

Recommend news to friend

  • Your name:
  • Your e-mail:
  • Friend's name:
  • Friend's e-mail: