Pension payments in Azerbaijan have increased: deputy explained the reason

Pension payments in Azerbaijan have increased: deputy explained the reason
Economy 8

For the first seven months of the current year, 10% more funds were allocated for pension payments in Azerbaijan compared to the same period last year.

As reported by BAKU.WS with reference to the data from the State Social Protection Fund, a total of 4 billion 142 million manats was spent on pension payments, which is 367 million manats more than last year.

Economist-deputy Vugar Bayramov noted in his social media account that the increase in pension expenses is primarily associated with the implementation of the fifth social package in 2025.

"Since the beginning of the year, all types of labor pensions have been indexed and increased by 8.1%. From February 1, the minimum pension was raised by 14.3% and reached 320 manats. These measures affected 1.1 million citizens and directly influenced the increase in pension payments," the parliamentarian emphasized.

He also noted that the assignment of new pensions continued, which required additional funds from the state budget. During the specified seven months, 27 thousand pension assignments were carried out proactively through the electronic system, and more than 94.2 thousand people received social benefits and stipends.

According to Bayramov, in 2025, social expenditures of Azerbaijan's state budget will amount to 16.9 billion manats, of which 4.8 billion manats will be directed to social protection and security, including pension payments. This indicates a further increase in funding for the social sector.

This news edited with AI

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