Azerbaijan considers increasing pensions next year

Finance Materials 31 October 2022 15:25
Baku, Azerbaijan Trend News Agency
Azerbaijan considers increasing pensions next year

Pensions are expected to be increased by 14.5-15 percent in Azerbaijan next year, Chairman of the Azerbaijani Parliament’s Committee on Labor and Social Policy Musa Guliyev told Trend on October 31.

According to Guliyev, the increase will affect all pensioners.

The committee chairman emphasized that nearly 48 percent of the state budget for the next year will account for spending on social protection.

As in previous years, the state budget for 2023 will be socially oriented. So, 15.2 billion manat ($8.9 billion) are envisioned to be allocated for these purposes, which is 1.3 billion manat ($760 million), or 9.3 percent more than in 2022.

The revenues of the state budget of Azerbaijan next year are projected to equal 30.7 billion manat ($18 billion), which is by 5.2 percent more than in 2022 and by 16.4 percent more than in 2021.

Meanwhile, according to forecasts, the budget expenditures will make up 33.3 billion manat ($19.6 billion), meaning growth by one billion manat ($590 million) compared to this year and by 5.9 billion manat ($3.4 billion) compared to 2021.