“In the first 7 months of this year, the average monthly nominal salary in Azerbaijan increased by 11.3 percent compared to the corresponding period of the previous year and was 925.3 manats.”
Publika.az Economist MP Vugar Bayramov said this. He said that the percentage of increase in the average monthly salary is the indicator used during the indexation of pensions in the following January:
“That is, the more the average salary will increase during this year, the more the increase in pensions will be. Currently, two indicators are used in the indexation (the growth level of the average monthly salary and the inflation indicator). capital is indexed to the inflation index. The unified indexation system applied this year envisages the increase of the pension amounts of all our citizens receiving labor pensions in January of each year in accordance with the percentage of the increase in the average monthly salary for the previous year.”
The deputy noted that if the trend of 7 months of this year is maintained, pensions will be indexed to approximately 11 percent in January of next year:
“Of course, a more accurate figure will be announced in January 2024. In all cases, as the rate of growth in the average salary increases, more increases in pensions will be observed. In this regard, the percentage of increase in the average monthly wage is not only for wage workers in the national economy, it is also important for pensioners”.
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