Azerbaijan raises average monthly pensions by 10 pct

By Azernews

By Ayya Lmahamad

Azerbaijan increased by 10 percent the amount of average monthly pensions, bringing it to AZN 330 ($194.1) since January 2021, the Labor and Social Protection Ministry’s press service reported on March 4.

Since 2018, the average amount of monthly pensions has increased by 60 percent in the country.

The increase in pensions was ensured by the indexation carried out at the beginning of the year.

Currently, the average monthly retirement pension in the country is AZN 361 ($212.3), the average monthly invalidity pension - AZN 290 ($170.5) and the average monthly survivor’s pension - AZN 267 ($157).

It should be noted that the retirement age for men is 65 years and for women 62 years in Azerbaijan.

Azerbaijan maintains the leading position for minimum and average monthly pensions among the CIS countries.

In recent years, Azerbaijan has modernized the system of provision of pensions. The Automated Pension System, which has been in operation since early 2019, is the first proactive service in the country that allows persons entitled to a pension to automatically receive a pension without going to any institution and without having to provide documents.