With just over three months to go until the end of the year, the question of pension and wage increases has come up again. Citizens expect the increases to come by the end of the year.
According to economist-analyst and chairman of the Public Council under the Ministry of Labour and Social Protection, Professor Elshad Mammadov, it is expected that decisions on raising wages and pensions will be made towards the end of the current year:
“It is known that one of the main directions that stimulate the growth of the wage fund and changes in this fund is related to the increase in the minimum wage. Decisions on this segment are made by order of the president. The increase in the minimum wage undoubtedly affects the wages of the country as a whole.”
According to the economist, the minimum wage may reach 400 manats by the end of the year:
“The procedure for increasing pensions is that, according to official statistics, pensions are indexed every year according to inflation indicators. Therefore, I think that it will be possible to see the increase in pensions at the beginning of next year. These increases are in accordance with this year’s inflation indicators.”
Elshad Mammadov said that in recent years there has been social growth in the country:
“As a result of the introduction of transparency and effective management in the social protection system, progressive approaches are being recorded in this direction. The increases serve to protect and develop the purchasing power of the population, which in turn boosts the economy.”
