{"id":182198,"date":"2017-01-29T13:11:03","date_gmt":"2017-01-29T13:11:03","guid":{"rendered":"https:\/\/www.meydan.tv\/article\/inflation-rates-quickly-outstripping-salaries-pensions-in-azerbaijan\/"},"modified":"2021-10-29T13:47:05","modified_gmt":"2021-10-29T09:47:05","slug":"inflation-rates-quickly-outstripping-salaries-pensions-in-azerbaijan","status":"publish","type":"post","link":"https:\/\/www.meydan.tv\/en\/article\/inflation-rates-quickly-outstripping-salaries-pensions-in-azerbaijan\/","title":{"rendered":"Inflation Rates Quickly Outstripping Salaries, Pensions in Azerbaijan"},"content":{"rendered":"<figure class=\"wp-block-image size-large\">\n  <img decoding=\"async\" src=\"https:\/\/www.meydan.tv\/az\/78369\/\" alt=\"\" class=\"wp-image-78369\"\/><figcaption><\/figcaption><\/figure>\n<p>\n  The Azerbaijani government has announced it will increase the minimum wage and bring state pensions in line with inflation, but critics argue living costs are rising faster.\n<\/p>\n<p>\n  A law raising the minimum wage from 105 to 116 manat (59 USD) was signed by President Ilham Aliyev on 21 January.\n<\/p>\n<p>\n  A further law was signed to ensure the insurance part of pensions will be indexed to current rates of inflation, though the basic part of the pension will remain the same.\n<\/p>\n<p>\n  The move was praised by Salim Muslumov, Minister of Labour and Social Welfare.\n<\/p>\n<p>\n  \u201cThese are visual manifestations of continuing the purposeful measures towards the provision of reliable social protection of the population and increasing family incomes in the country\u201d,<br \/>\n  <a href=\"http:\/\/www.mlspp.gov.az\/en\/pages\/17\/40\/information\/1244\"><br \/>\n    Muslumov said at a press conference<br \/>\n  <\/a><br \/>\n  on January 24.\n<\/p>\n<p>\n  However, some experts have questioned the effectiveness of the new laws.\n<\/p>\n<p>\n  Price rises outstrip the increase in the minimum wage, said Samir Aliyev, an Azerbaijani economist,<br \/>\n  <a href=\"\/az\/article\/emekhaqqi-11-manat-artdi\/\"><br \/>\n    in an interview with Meydan TV<br \/>\n  <\/a><br \/>\n  .\n<\/p>\n<p>\n  The minimum wage should be set at 155 manat, significantly higher than the new minimum announced by the government, he said.\n<\/p>\n<p>\n  This would bring it in line with the \u201camount that a person needs for simply existing\u201d, he added.\n<\/p>\n<p>\n  He also questioned the official inflation rate, saying people have been faced with much steeper increases in price than government figures suggest.\n<\/p>\n<p>\n  <a href=\"http:\/\/www.tradingeconomics.com\/azerbaijan\/inflation-cpi\"><br \/>\n    Azerbaijan\u2019s official rate of inflation was 12.4% in 2016<br \/>\n  <\/a><br \/>\n  , while the government said food prices rose by 14.7%.\n<\/p>\n<p>\n  \u201cIn reality there was a much higher increase,\u201d said Samir Aliyev.\n<\/p>\n<p>\n  Qubad Ibadoglu, another Azerbaijani economist, agreed that the changes to the pension and minimum wage do not keep pace with rising prices.\n<\/p>\n<p>\n  It will remain impossible for retirees to cover their living costs on the pension alone, he said.\n<\/p>\n<p>\n  \u201cThe indexation of the insurance part of pensions is not sufficient to cover the rising costs of retirees. The basic part of pensions should have been raised too\u201d,<br \/>\n  <a href=\"http:\/\/turan.az\/docs\/2017\/online\/012300079673en.htm#.WIcMRPkrJkg\"><br \/>\n    he said in a statement to turan.az.<br \/>\n  <\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>The Azerbaijani government has announced it will increase the minimum wage and bring state pensions in line with inflation, but critics argue living costs are rising faster.<\/p>\n","protected":false},"author":11,"featured_media":78369,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_sitemap_exclude":false,"_sitemap_priority":"","_sitemap_frequency":"","footnotes":""},"categories":[37],"tags":[],"class_list":["post-182198","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","infinite-scroll-item","generate-columns","tablet-grid-50","mobile-grid-100","grid-parent","grid-33","no-featured-image-padding"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.9 - 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