Azerbaijan to up insurance part of labour pensions

The State Social Protection Fund (SSPF) will soon conduct indexing of the insurance part of labour pensions in accordance with the consumer price index for 2011, head of the Fund Salim Muslimov said at a meeting with members of the Caspian Integration Business Club (CIBC).

"We appealed to the State Statistics Committee and received data stating that the consumer price index in 2011 hit 7.9 per cent. This indicates that from Jan.1, 2012 the insurance part of labour pensions will grow by 7.9 per cent," Mr Muslimov said.

He said this is the first growth this year and the subsequent increases will occur depending on the amount of income from social insurance. "If our measures on legalising wages and the registration of workers show its effectiveness, a basis for increased pensions will be created," he said.


/Trend/