President Ilham Aliyev's Decree on the pension indexation of February 10, 2023 is a continuation of sequential steps to strengthen social protection of pensioners and another support aimed at ensuring their welfare, AzVision.az reports citing the Ministry of Labor and Social Protection of the Population.
According to the decree, based on the State Statistical Committee's data, pensions granted before January 1, 2023 have been increased by 14.7 percent indexation, following the annual growth rate of the average monthly nominal wage for 2022.
The January increase will be paid along with the February pension. For instance, the pension worth 400 manat ($235.3) has been increased by 14.7 percent or 58.8 manat ($34.56) since January 1, 2023, thus totaling 458.8 manat ($269.66). Therefore, the January increase worth 58.8 manat ($34.56) will be added to the February pension.
In total, the government will spend additional 728 million manat ($427.88 million) on new increases, covering a total of 1.1 million pensioners.
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