“Since 220 manats, paid according to age, are a social benefit, they are not included in the indexation mechanism, as are labor pensions. However, the Head of State Ilham Aliyev With the decrees signed by him, we have periodically observed the increase in the age subsidy. Generally, when there is an increase in the minimum pension, there are also increases in these benefits.
This was stated by economist Vugar Bayramov, a member of the Milli Majlis of the sixth convocation, in his statement to BAKU.WS.
According to him, decisions on the calculation of the tax burden and measures in this direction will be clear by the end of 2024 or early 2025:
“The indexation of pensions is calculated from the beginning of the new year, and at the same time, if there are increases in the minimum pension, it coincides with the beginning of the year.
Increases in the minimum wage are expected and work is underway in that direction. If there are increases in the minimum pension, the probability of an increase in the age benefit is quite high. But in all cases, it will be possible to provide accurate information by the end of 2024 and beginning of 2025.”
