Pensions to be increased in Azerbaijan

  24 December 2015    Read: 1513
Pensions to be increased in Azerbaijan
"Each year, the president of the Republic of Azerbaijan adopts a decision on the indexation of insurance of pensions and pension capitals accumulated in the individual accounts in regard to the legislation", Elman Mehdiyev, the chairman of the State Social Protection Fund told, AzVision.az reports.
He noted, this decision is in accordance with the requirements of legislation: “The State Social Protection Fund will take measures related to the decree of the president of the Republic of Azerbaijan in conformance with the legislation. In this manner, we will index insurance of pensions and increase pension capitals accumulated in individual accounts”.

“ We will carry out the indexation after the index of prices is announced. Furthermore, we have sufficient funds for this purpose”, the chairman added.

The legislation provides the indexation procedure of pensions by taking inflation interests into account: “Under the order of the president, insurance part and pension capitals accumulated in the individual accounts have been indexed this year”.

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