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Azerbaijan sees growth in average monthly pension in 1H2020

Azerbaijan sees growth in average monthly pension in 1H2020

Economy
08 July 2020, 17:32 101
The average monthly pension in Azerbaijan grew by 27 percent in the first half of 2020, Trend reports on July 8 referring to the Ministry of Labor and Social protection of the Population.
The volume of funds allocated for financing pensions in the reporting period was 24 percent (436,510 manat or $256,770) more compared to the same period of 2019, and over 2.2 billion million manat (nearly $1.3 billion) was spent to increase the pensions.
Since the beginning of this year, pensions have been indexed, and their increase by 16.6 percent has been ensured. For this purpose, additional 43 million manat (nearly $25.3 million) was allocated every month to cover 1.2 million pensioners.
In general, the average monthly pension for 6 months of 2020 grew by almost 27 percent compared to the same period of last year, reaching 300 manat ($176.4). Moreover, the average monthly pension for age went up by 25.2 percent, approaching 330 manat ($194.1).