Bulgaria and Azerbaijan Sign Pension AgreementBusiness | November 6, 2019, Wednesday // 16:10| views
The Minister of Labor and Social Policy Bisser Petkov and his Azerbaijani counterpart Sahil Babayev signed a Pension Agreement between Bulgaria and Azerbaijan, the Social Ministry press center announced.
The signing of the document took place today in the capital of Azerbaijan, Baku. Before the ceremony, Minister Petkov met with Prime Minister of Azerbaijan Ali Asadov.
The pension agreement will regulate work insurance in both countries, as well as the procedure for granting and paying retirement and old-age pensions, disability pensions due to general illness and survivors' pensions. This will allow the people insured in Bulgaria and Azerbaijan to retire.
Citizens of Bulgaria and Azerbaijan, who are currently or have been subject to the legislation of one or both parties and their family members, will be able to benefit from the agreement. The material scope is limited to the pension legislation of the Contracting Parties.
In relation to the determination of pension rights under the Agreement, it is provided for mutual respect for periods of insurance completed under the laws of Bulgaria and Azerbaijan. The determination of entitlement to a pension will also take into account periods of insurance in a third country with which the State assessing the right to a pension has a social security contract which provides for the summation of periods of insurance. If the periods of insurance under the two laws coincide at the time of acquisition, they are not aggregated. Periods acquired prior to the entry into force of the Agreement will also be considered.
The document must be ratified by the National Assembly in order to entry into force.
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