TASHKENT, Uzbekistan, November 18. Salaries and pensions in Uzbekistan will increase by an average of 7 percent starting from December 1 of 2023, Trend reports.
Simultaneously, the base calculated value will see an increase of 3 percent.
Starting on December 1, the designated amounts for both salaries and pensions are determined as follows:
minimum wage – 1.05 million Uzbek soums ($85.92)
basic amount of pension calculation – 372,000 soums ($30)
minimum age pension – 725,000 soums ($59.3)
The fundamental estimated value, to which contract amounts, fines, duties, and other figures are linked, will stand at 340,000 soums ($27.82).
Meanwhile, the last modification on pensions and wages was implemented on April 1 of 2023, when they increased by an average of 7 percent, which is less than the expected inflation rate of 9.5 percent.
Moreover, it was planned to increase salaries, pensions and benefits by another 10 percent, but the decision was postponed against the background of increase of budget deficit in Uzbekistan.
Earlier this year, the Ministry of Economy and Finance of Uzbekistan reported that an additional increase in the salary by 1 percent would require about 1.3 trillion soums ($106.3 million) per year, and an increase in pensions by 1 percent — 600 billion soums ($49 million) per year.
