Government to set minimum pension at 36,000 drams from July 2023

YEREVAN, NOVEMBER 4, ARMENPRESS. Armenia is planning to raise the minimum pension up to 36,000 drams from July 2023, Minister of Labor and Social Affairs Narek Mkrtchyan said during the debate of the 2023 state budget draft in the joint session of the parliamentary standing committees.

“The forecasts of 2023 have taken into account the main indicators of the pension security sector, the amounts increased from September 1, 2022 and their rise planned in 2023 and the reforms being made in the pension legislation. In particular, the forecasts are based on the following indicators: the amount of minimum pension 31,000 drams instead of the 28,600 drams existing before September 1, 2022. And starting from July 2023, the minimum pension is expected to rise up to 36,000 drams. To calculate the labor pension, the amount of the basic pension – 21,000 drams instead of 18,000 drams”, he said.

It is also envisaged that the average monthly labor pension will be around 50,000 drams starting July 2023, instead of the current 46,500 drams. And the average monthly military pension will be around 89,000 drams instead of the current 80,900 drams.