IMF representative briefed on Azerbaijan's pension system

Anna Bordon, head of the International Monetary Fund (IMF) mission to Azerbaijan, was informed about the work carried out in the country's pension provision system, Report informs, citing the Ministry of Labor and Social Protection of Population.

At the meeting, Azerbaijani Minister of Labor and Social Protection of Population Anar Aliyev highlighted the success of recent social reforms in Azerbaijan, noting that five social reform packages implemented over the past seven years have led to significant increases in social payments, including pensions.

He also mentioned that pensions were indexed and raised by an additional 9.3% at the beginning of this year, and spoke about steps taken to apply more human-centered approaches in the pension system.

The minister drew attention to newly introduced digital services and proactive assignment mechanisms in social protection. He also provided information on labor market trends, the steady annual growth in employment contracts, active employment programs, and the development and approval of professional and qualification standards. Updates to labor legislation, measures to expand women's employment opportunities, and projects aimed at youth employment were also discussed.

The meeting included an exchange of views on pension reforms and recent developments in Azerbaijan's labor market.