From July 1, the retirement age for men and women in Azerbaijan becomes equal at 65 years.
Medianews.az reports that the innovation in retirement age has been in effect since 2017. That year, the retirement age for men was increased from 62 to 63, for women from 57 to 60, and starting from July 1, 2017, it was decided to increase the age limit for men by 6 months annually until July 1, 2021, and for women until July 1, 2027.
Men retire at the age of 65 starting July 1, 2021. From tomorrow, the same age limit comes into effect for women as well.
At the beginning of 2017, when the increase in retirement age started, there were 1,315.2 thousand pensioners in Azerbaijan.
By 2018, there were 1,318.4 thousand; by 2019, 1,295.5 thousand; by 2020, 1,270.5 thousand; by 2021, 1,228.8 thousand; by 2022, 1,200.5 thousand; by 2023, 1,114.2 thousand; by 2024, 1,095.9 thousand; by 2025, 1,098.3 thousand; and by 2026, 1,098.9 thousand pensioners.
The minimum pension amount is 320 manats.
According to the law, to be eligible for pension assignment, either 25 years of insurance experience or minimum pension capital is required. Minimum pension capital is calculated by multiplying the minimum pension indicator (320) by the number of months in the expected pension payment period (12 years), which is 144 months; currently, this amounts to 46,080 manats.
From January 1, 2006, to July 1, 2018, a person who has accumulated any amount of pension capital and has at least 1 year of insurance experience receives a pension; otherwise, a monthly allowance of 220 manats is paid to the person who has reached the retirement age due to age.
Toğrul Əli,
Medianews.az