Overall, since 2018, these funds have seen a twofold increase.
As part of the ongoing reforms, the continuous nature of pension increases has resulted in regular growth in the funds allocated for pension provision.
As the next social reform package, starting from the 1st of next month, the minimum pension will be increased from 280 manats to 320 manats. Additionally, pensions have been indexed and increased since the beginning of this year.
Due to these increases, the dynamic growth in pension expenditures is expected to continue in 2025 as well.
This year, 7 billion 210 million 530 thousand manats have been earmarked for labour pension expenditures, which is 710 million manats, or 11%, more than the funds allocated for this purpose last year.
In total, the annual funds allocated for pensions have doubled since 2018.
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