How much will pensions increase?
In Armenia, pensions will increase by 10,000 AMD starting April 1. This was announced by RA Prime Minister Nikol Pashinyan. Later, the Minister of Labor and Social Affairs, Arsen Torosyan, provided further details regarding the increase.
According to the Minister, the basic pension, which currently stands at 24,000 AMD, will become 34,000 AMD. This means that all pensions calculated including the 24,000 AMD base will henceforth be calculated at 34,000 AMD; consequently, everyone’s pension will increase by 10,000 AMD.
The minimum pension will also rise from the current 36,000 AMD to 46,000 AMD. This implies that the old-age benefit will also increase. This is the pension paid to citizens who do not have sufficient years of work experience.
Benefits for persons with disabilities will also increase by 10,000 AMD. Payments for the first, second, and third groups, as well as for persons with moderate, severe, and profound functional limitations, will increase from 36,000, 37,500, and 39,000 AMD to 46,000, 47,500, and 49,000 AMD, respectively.
In the case of long-service military pensions, the increase will vary; the average will be about 8,000 AMD, but in some cases, it may reach 10,000 or 15,000 AMD. According to the Minister, the average size of these pensions is approximately 100,000 AMD.
Survivor pensions will also increase. Starting April 1, payments will be made at the new rates while maintaining the 20% cashback mechanism.
As a reminder, in October, Minister Torosyan had stated that no pension increase was planned at that time and emphasized the effectiveness of the cashback program, noting that around 350,000 citizens benefit from it. He pointed out that the country’s fiscal capacities were limited and that an excessive burden on the budget could negatively affect not only pensioners but the entire society.
