Funds allocated for social payments will increase this year

In recent years, new types of social payments have been established, and the number of those assigned payments has increased. At present, the participants of the Patriotic War are being awarded the title of "War Veteran" and will be awarded the Presidential Grant, which will expire in the coming days. All this shows that the scope of social security is expanding year by year, along with the steady growth of social payments.

This was announced at a board meeting of the Ministry of Labor and Social Protection. Minister of Labor and Social Protection Sahil Babayev stressed that the successful social policy of President Ilham Aliyev has allowed to strengthen the social security system and expand social protection programs. Every year, important steps are taken in this direction.

It was noted that 1.5 billion manat has been allocated to increase salaries and other social benefits from the beginning of 2022, a new increase in pensions based on indexation and an additional 352 million manat for financial assistance to pensioners.

In 2018-2021, annual expenditures on social security increased by 2.4 billion manat or 60% to 6.4 billion manat. Last year, 4.6 billion manat was paid to the population in the field of pensions alone. This is 118 million manat more than in the previous year. The increase since the beginning of this year suggests that in 2022 there will be another significant increase in social security funds.

All this shows consistent progress in strengthening the social protection of the population.

Like other social payments (benefits, pensions, etc.), the amount of pensions is growing from year to year, compared to three years ago, the amount of the minimum pension increased by 2.2 times, the average monthly pension in the country increased by 60%. By the Presidential Decree dated February 8, 2022, pensions were increased by an average of 9 percent, as a result of which the average monthly amount of pensions this year is expected to reach 360 manat, including the average monthly amount of old-age pensions 385 manat.