Pensions increased by 40% in Azerbaijan

The amendments to the law on “Labor pensions”, considering 40% increase of pensions of persons who went into labor pension till January 1 2006 in Azerbaijan, comes into force from now on.

According to amendment, the pensions of the persons, who had retired by January 1, 2010, will be calculated from July 1 through determining AZN 1.94 for every year of the work experience.

It is assumed that the annual demanded assets will be AZN 390 mln, but in the 6 months of the current year it will be AZN 195 mln.

Note that, number of persons who went into labor pension till 2006 is 845,000. Of these, 675 thousand draw a pension at amount of AZN 85.


/APA/