2024-07-26 23:33:26
“Increases in the pension are implemented in the form of indexation and at the same time providing benefits. Labor pensions are indexed every year in January, and it is adjusted to the percentage of increase in the average monthly salary in the previous year.”
Vugar Bayramov, deputy of the 6th convocation of the Milli Majlis, said this in his statement to BAKU.WS.
He added that from January 1, 2025, there will be increases in all types of labor pensions in accordance with the percentage increase in the average monthly salary in 2024:
“At the same time, proposals regarding the provision of aid were also presented, and discussions in this direction will clarify the direction in which decisions will be made in the next period.
But in all cases, according to the existing legislation, labor pensions are indexed and this will be applied from January. At the same time, indexation of the pension capital and the inflation rate will be carried out. Increases in both occupational pensions and pension capital will be realized in accordance with the average monthly salary or inflation in previous years.
Labor pensions are increased according to the percentage of increase in the average monthly salary, and the pension capital is increased according to the inflation rate. This is one of the factors that enable the increase of the pension capital of our citizens who have not reached the practical retirement age, but will be pensioners in the future, and enable them to receive more pensions.
Concrete numbers will be known in the second half of the year and will be determined especially in autumn. In this regard, it will be possible to present concrete figures and at the same time present the percentage increase in the pension capital. In all cases, according to the legislation, after the end of 2024, increases in all types of labor pensions will be registered from January of the following year, according to the percentage of increase in the average monthly salary.