Ministry: Pension increase to cover 94% of pensioners

Baku. 8 January. REPORT.AZ/ Indexation and increase of labor pensions will be ensured this month as a next step to strengthen social protection of pensioners, sources in the Ministry of Labor and Social Protection of the Population told Report.

The law 'On labor pensions' envisages indexation of labor pensions with respect to the annual rate of countrywide average salary growth.

By preliminary information, as of January 1 of this year, the country accounted for 1.3 mln pensions, while the indexation-based pension growth will cover about 94% of pensioners.

The rest pensioners are in the group in line with article 20 of the law 'On labor pensions' and the growth of these pensions is based on other mechanisms envisaged by the law.

"In line with the law 'On labor pensions', indexation and growth of pension capital on the personal account of insured persons is expected within this month along with pensions in line with the annual growth rate of average salary nominal last year."