The current trend shows double-digit growth in all types of occupational pensions next year.
Publika.az reports that Vugar Bayramov, a member of the Milli Majlis, told Trend.
He said that according to the current rules, labor pensions are indexed by the percentage of increase in the average monthly salary during the year.
“Pension capital is increased by indexing to the annual inflation level in the previous year. That is, in January 2024, labor pensions will be increased by indexing to the average monthly wage growth percentage in 2023, and the pension capital will be indexed to the official inflation recorded in 2023.
According to the State Statistics Committee, the nominal average monthly salary increased by 11.5 percent in the first half of this year. This indicates that there is a two-digit increase in average monthly wages,” the deputy added.
V. Bayramov noted that if the current growth rate is maintained until the end of the year, then labor pensions may be involved in double-digit indexation in 2024.
“Currently, this number is 11.5 percent. If there is no significant difference in the average monthly salary by the end of the year, then in January of the next year, it will be possible to increase all types of labor pensions by around 11 percent. Of course, the exact number will be known at the beginning of 2024. But the trend shows that there will be a double-digit increase in labor pensions next year,” he emphasized.
