Minister: Number of employment contracts up by 290,000

By Azernews

Azerbaijan's Economy Minister Mikayil Jabbarov has said that the number of employment contracts increased by 290,000, compared to the beginning of 2019, and reached 1.6 million as of May 1, 2022, Azernews reports.

"The incentive-based tax policy implemented for 3 years has led to significant changes in the labor market. As a result of measures to formalize employment, 'whiten' the salary fund and ensure transparency, the number of concluded employment contracts increased by 290,000, compared to the beginning of 2019 and reached 1,691.9 as of May 1, 2022," he tweeted.

Jabbarov added that this figure increased by 242,600 and amounted to 782,500.

The minister also said that the reforms aimed at reducing the size of the "shadow economy" and ensuring transparency of turnover have led to a significant increase in tax revenues from the non-oil and gas sector.