TODAY.AZ / Business

Last year, minimum wages increases by 15%

15 March 2024 [14:58] - TODAY.AZ
Ulviyya Shahin

In 2023, with the aim of strengthening social protection for the population, 36% or AZN13.1bn ($7.7bn) of state budget expenditures were directed towards financing social expenditures (an increase of 12.7%).

Azernews reports that Prime Minister Ali Asadov stated this during the discussion of the Cabinet of Ministers' report on the activities in 2023 in the National Assembly.

He noted that in 2023, minimum wages were increased by 15%, reaching AZN345 ($203) from 300 manats.

"The salaries of 700,000 workers employed in organizations funded by the state budget were increased on average by 15%.

Additionally, the minimum pension amount increased by 16.7%, the average pension amount by 17.3%, and the pension amount based on age by 16.5%.

For 2023, the subsistence minimum and the poverty line were equalized and increased by 17% and 23%, respectively, compared to 2022, amounting to AZN246 ($144).

In 2023, an additional AZN750m ($441.2m) was allocated only for new increases in wages and social benefits, covering 1.9 million citizens," emphasized the Prime Minister.


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