Armenian welfare ministry seeks to extend pension cashback program

The Ministry of Labor and Welfare has drafted legislation proposing to extend the program providing a 20% cashback, up to a maximum of AMD 10,000, on non-cash transactions made using pension and benefit bank cards from January 1, 2027, through December 31, 2029, inclusive.

The bill, a draft Cabinet decision, has been submitted for public discussion. It proposes maintaining the existing mechanisms for calculating and paying the cashback.

As of October, 572,590 pensioners and benefit recipients had already benefited from the 20% cashback program, with the average cashback amount standing at approximately AMD 8,150, the ministry said.

The cashback is calculated and transferred automatically when payment cards are used to make transactions through POS terminals at retail outlets and service providers operating in Armenia.