The average monthly salary in Azerbaijan is expected to have increased to 850 manats ($500) by 2024.
According to forecasts, the average monthly salary will have amounted to 620.4 manats ($365) by late 2019, 716.7 manats ($421.71) in 2020, 768.6 manats ($452.25) in 2021, 809.2 manats ($476.14) in 2022, and 849.9 manats ($500) in 2023, the Ministry of Finance reported.
The nominal cash income of the Azerbaijani population will have increased to 80.3 billion manats ($47.25 billion) by 2024.
The ministry estimates an annual increase in the nominal cash income of the population in 2020-2023. Thus, the population’s cash incomes are projected at 64.3 billion manats ($37.83 billion) in 2020, 69.5 billion manats ($40.89 billion) in 2021, 75 billion manats ($44.13 billion) in 2022, and 80.3 billion manats ($47.25 billion) in 2023. The average annual increase will amount to 8.3% in 2020-2023.
As of September 1, the average monthly nominal wage in Azerbaijan was 589.3 manats ($346.75). Meanwhile, in accordance with the presidential decree dated June 18, minimum monthly salary in the country increased from 180 manats ($105) to 250 manats ($147) since September 1.
The average monthly wage in Azerbaijan amounted to 544.1 manats ($320.15) in 2018, up by 3% YoY. As for Baku, the average monthly salary amounted to 788.1 manats ($463.72) last year.
The highest average monthly wage was observed among employees of enterprises and organizations engaged in industrial, financial and insurance activities, professional, scientific and technical activities, as well as among employees in the ICT and construction sector.
The lowest wages were recorded in health, social services, agriculture, education, recreation, entertainment and art spheres.
The most demanded professions in Azerbaijan are programmers, construction specialists, information security analysts, financial consultants, and physiotherapists. (AzerNews/Business World Magazine)