Average monthly salary to reach $500 by 2024

By Azernews

By Leman Mammadova

The average monthly salary in Azerbaijan is expected to increase to 850 manats ($500) by 2024.

According to forecasts, the average monthly salary will amount to 620.4 manats ($365) by late 2019, 716.7 manats ($421.71) in 2020, 768.6 manats ($452.25) in 2021, 809.2 manats ($476.14) in 2022, and 849.9 manats ($500) in 2023, the Ministry of Finance reported.

The nominal cash income of the Azerbaijani population will increase to 80.3 billion manats ($47.25 billion) by 2024.

The ministry estimates an annual increase in the nominal cash income of the population in 2020-2023. Thus, the population’s cash incomes are projected at 64.3 billion manats ($37.83 billion) in 2020, 69.5 billion manats ($40.89 billion) in 2021, 75 billion manats ($44.13 billion) in 2022, and 80.3 billion manats ($47.25 billion) in 2023. The average annual increase will amount to 8.3 percent in 2020-2023.

As of September 1, The average monthly nominal wage in Azerbaijan 2019 is 589.3 manats ($346.75). Meanwhile, in accordance with the presidential decree dated on June 18, 2019, minimum monthly salary in the country increased from 180 manats ($105) to 250 manats ($147), since September 1, 2019.

The average monthly wage in Azerbaijan amounted to 544.1 manats ($320.15) in 2018, which is 3 percent more than in 2017. As for Baku, the average monthly salary amounted to 788.1 manats ($463.72) last year.

The highest average monthly wage was observed among employees of enterprises and organizations engaged in industrial, financial and insurance activities, professional, scientific and technical activities, as well as among employees in the ICT and construction sector.

The lowest wages were recorded in health, social services, agriculture, education, recreation, entertainment and art spheres.

It should be noted that the most demanded professions in Azerbaijan are programmers, construction specialists, information security analysts, financial consultants, and physiotherapists.