Anar Karimov: Azerbaijan preparing Road Map on development of pension system - EXCLUSIVE

"Average lifetime extends in Azerbaijan and, therefore, the pension system is considered. This is an issue arising from international practice," Deputy Minister of Labor and Social Protection of the Population Anar Karimov told Report while commenting on extension of pension age by 6 months every year in Azerbaijan.

Karimov said that the minimum pension age in Azerbaijan is lower than in European countries.

He added that the Ministry is working on establishment of private pension funds: "We have implemented a project jointly with the European Union within two years. Now, we are preparing a Road Map for development of the 5-year pension system. Currently, we have a compulsory state social insurance fee. The Road Map envisages voluntary charge. It will be levied on the basis of private funds. The community should be interested in this. We are now conducting reforms, raise incomes in order to increase the interest. Legislation is also to be improved."

Karimov noted that enlightenment should be increased for confidence of private pension funds: "We have applied the automatized pension system since January 2019. You receive SMS about your pension age and get your card from any bank. 12,000 people have already received their cards. Their number will reach 25,000 by the year-end."