Pensions Granted After January 1, 2021, to Be Paid Exclusively via Bank Transfer

Pensions granted after January 1, 2021, will be paid exclusively through non-cash methods via banks. This was reported by the Public Relations Department of the Ministry of Labor and Social Affairs of Armenia.

“Exceptions will be made for individuals with first or second group disabilities, those over 75 years of age, or minors over 14 years old, who may choose to receive their pensions also in cash via 'Haypost'.

The transition to a system of non-cash pension payments will occur in phases. Specifically, pensions will be paid exclusively in a non-cash manner if the application for pension allocation is submitted: 1) in Yerevan, Gyumri, and Vanadzor on or after January 1, 2021; 2) in other cities on or after July 1, 2021; 3) in villages with 1,000 or more residents on or after July 1, 2022; and 4) in villages with fewer than 1,000 residents on or after July 1, 2023.

For pensions allocated before January 1, 2021, which are paid in cash—specifically via 'Haypost'—citizens will have the opportunity to select the bank through which their further pension payments will be made non-cash. For this, citizens must submit a request to change the payment method according to the following timelines: 1) in Yerevan, Gyumri, and Vanadzor from January 1 to July 1, 2021; 2) in other cities from until January 1, 2022; 3) in villages with 1,000 or more residents, until January 1, 2023; and 4) in villages with fewer than 1,000 residents until January 1, 2024.

If the pension payment method is not changed to non-cash based on the application within the specified periods, and the pensioner does not choose a bank through which they wish to receive their pension, it will be done through a bank selected according to government regulations during the following timelines: 1) in Yerevan, Gyumri, and Vanadzor after July 1, 2021; 2) in other cities (excluding Yerevan, Gyumri, and Vanadzor) after January 1, 2022; 3) in villages with 1,000 or more residents after January 1, 2023; and 4) in villages with fewer than 1,000 residents after January 1, 2024.

Thus, the transition to non-cash pension payments will occur in three phases. Initially, newly assigned pensions will be paid non-cash; subsequently, previous pensions paid in cash will allow pensioners to select a bank to continue receiving their pensions non-cash. In the final phase, in all remaining cases, the bank for non-cash payments will be selected according to government regulations.

Moreover, in all cases, pensioners have the option to submit a request to change the bank through which they receive their pension. It should be noted that this pension payment system also applies to bonuses, old-age benefits, disability benefits, benefits for loss of breadwinner, as well as care benefits. In other words, these types of payments will also be made non-cash following the established rules for pensions,” stated the ministry's press release.