The average monthly pension will increase in Azerbaijan in 2023

By Fatima Hasanova

The average monthly pension is expected to increase by the end of 2023 according to the conclusion of the Accounting Chamber, reports Azernews according to the State Social Welfare Fund.

The figure is expected to be AZN422 ($248.2), up AZN52.6 ($30.9) or 14.2% from the start of next year.

Old-age pensions increased by 37.7 AZN ($22.18) or 10.4% in the first half of 2022, disability pensions increased by 31.8 AZN ($18.71) or 10.9% and survivors’ pensions increased by AZN 29.8 ($17.53) or 10.3 percent, due to an increase in the minimum pension amount, indexation of the insurance portion of pensions of work and the payment of material aid to persons in receipt of a work pension before 1 January of the current year.

In addition, the total average monthly pension will increase by 1.4 AZN ($0.82) and will amount to 369.4 AZN ($217.29) at the beginning of next year, despite a decrease in the pension of average monthly old age of 0.1 AZN ($0.059). and an increase in the average monthly disability pension of 0.4 AZN ($0.24) due to the planned increase in the type of pension for the loss of a breadwinner.

Earlier, Azerbaijani Labor and Social Security Minister Sahil Babayev said the minimum pension had increased 2.2 times, while the average monthly pension had increased by 75% over the past 3.5 years.

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