“According to the current legislation, pensions are increased every year in January by indexing in accordance with the percentage of increase in the average monthly salary of the previous year. Although the exact increase percentage is not yet known, the increases are calculated from this month. Thus, the State Social Protection Fund predicts an increase of 10.8 percent, while the State Statistics Committee announced yesterday that the nominal average monthly salary increased by 11.2 percent in the first 11 months of last year.
Publika.az reports that economist expert, MP Vugar Bayramov shared these words on his social media account.
“As the increases are calculated from January, questions are being asked about when the increases will be paid. It should be noted that since the official statistics on the increase of the average monthly salary in 2023 are known in the first 10 days of February, the indexation will be carried out exactly then. Pension increases are calculated from January 1, but the increases will be paid together in February. So, pensioners will receive increases from next month. But the increase calculated for January will be added to the pension amount for February.
Indexation increases apply to all types of labor pensions. According to Article 4 of the Law “On Labor Pensions”, 3 types of labor pensions have been established. These are old-age labor pension, disability labor pension and bereavement pension. Therefore, if our citizen receives a labor pension, regardless of its type, an increase in his pension amount will be calculated.”
