He noted that the first stage of the reform has already led to significant changes in legislation, which, in turn, contributed to an increase in pensions.
“We have a solidarity-accumulative system, where only the solidarity part is functioning, and the accumulative part accounts for only 2 percent. To transition to a full-fledged solidarity-accumulative system, we need a roadmap that will be in effect until 2050. The main focus will be on the youth, so that in 20 years they can expect pensions from a full-fledged system. Currently, there are no accumulations, and all earned funds are directed towards pension payments,” added Bakhtiyar Aliyev.
