Today.Az » Society » Average monthly pensions up in Azerbaijan
18 April 2022 [16:00] - Today.Az
Successive packages of social reforms have led to a significant increase in pensions in recent years. The pensions increase, an important component of the social security system, continued in the first quarter of 2022.
In January-March 2022, the average monthly amount of pensions increased by 9.4 percent up to AZN 363 ($213.5). In addition, the average monthly old-age pension increased by 9.1 percent up to AZN 394 ($231.7).
Moreover, consistent reforms carried out in the country, dynamics of growth of the number of employment contracts allowed to increase the wage fund.
In the first quarter of the year, the wage fund in Azerbaijan increased by 11.4 percent.
It should be noted that the minimum pension has increased by 2.2 times in the last three years. There has also been a 75 percent increase in the average monthly pension since 2018 and a 70 percent increase in the average monthly old-age pension.
Pensions have increased by 11.4 percent since the beginning of 2021, owing to a significant increase in wages, and these increases have covered 1.1 million pensioners. During the period 2018-21, annual social welfare spending increased by AZN 2.4 billion ($1.4 billion), or 60 percent, to AZN 6.4 billion ($3.7 billion).
During that period, average monthly wages increased by 37 percent, and the number of employment contracts increased by 30 percent, or approximately 400,000.
Last year, the average monthly pension increased by 9 percent to AZN 331 ($194.7), while the average monthly old-age pension increased by 8 percent to AZN 358 ($210.5). In general, the average monthly amount of pensions has increased by 60 percent over the last three years.
Additionally, pensions for martyrs' families and disabled war veterans were increased by an average of 60 percent following the 44-day second Karabakh war.