Minister: Number of labor contracts in Azerbaijan grows 30%

Over the past 3-4 years, 400,000 labor contracts have been concluded in Azerbaijan, that is, an increase of 30%. The minimum wage in the country increased by 2.3 times, and the average - by more than 40%. The wage fund more than doubled, the wage fund in the private sector - 2.2 times, Minister of Labor and Social Protection of the Population Sahil Babayev said at a conference dedicated to the Entrepreneur’s Day, Report informs.

He noted that all these reforms are the result of only three years of activity: “The state is implementing reforms and sees the return from entrepreneurs and employers. Today, in terms of purchasing power parity and the minimum wage, Azerbaijan already ranks second in the CIS. Azerbaijan has formed a very serious base of labor relations.”

Sahil Babayev believes that entrepreneurship in Azerbaijan is developing at a dynamic pace: “As you know, when our country gained independence, the share of the private sector in entrepreneurship was equal to zero. Currently, this share has become an important, one might say, an absolute part of the economy. I am sure that development in this direction will continue.”