Minister of Labor and Social Protection of the Population Sahil Babayev has said that average monthly wages will be increased by 14% in 2019.
“We expect that the average monthly wage growth in 2019 will be 14%. There are good prerequisites for this. The salary fund grew by 34% over 10 months, and the median salary growth was 32-33%”, Minister Sahil Babayev said during the plenary meeting of the Parliament.
Babayev noted that in 2020 the average monthly wage growth was projected at 15.5%, in 2021 at 7.2%, in 2022 – at the level of 5.3%, and in 2023 – 5%.
Thus, in 2020-2023 the annual increase in the average salary will be 8.25%.
In addition, Babayev emphasized that the number of concluded labor contracts following the results of 10 months of the current year increased by 145,000, to 1.673 million.
The average monthly nominal wage in Azerbaijan will have increased to 849.9 manats by 2024 ($500), Finance Ministry has said referring to the forecasts.
By the end of 2020 the average monthly salary will be 716.7 manats ($421.6), a year later the figure will be 768.6 manats ($452.11), in 2022 – 809.2 manats ($476), and finally in 2023 salary will reach 849.9 manats ($500), according to forecasts.
The average monthly nominal wage in Azerbaijan was 589.3 manats ($346.6) as of September 1.
In 2018 the average monthly wage amounted to 544.1 manats ($320.15).
Azerbaijan increased the minimum wages from 130 ($76.3) to 250 manats ($146.6) in 2019. Thus, the minimum wage in the country almost doubled in 2019.
Over the past 15 years the average salary in the country has increased 7-fold, and the minimum wage – 6.5-fold. (AzerNews/Business World Magazine)