From July 1, pensions and benefits will be paid exclusively in non-cash form

Starting from July 1, 2021, pensions and benefits for old age, disability, and loss of a breadwinner will be paid exclusively in non-cash form through banks or Haypost in Yerevan, Gyumri, and Vanadzor. This was reported by the Ministry of Labor and Social Affairs of Armenia.

Exceptions will be made for individuals with first or second group disabilities, pensioners aged 14 and 75, and beneficiaries; they will have the option to choose between cash or non-cash payment methods. In cases where a power of attorney is available, pensions or benefits will also be provided in cash.

Thus, pensioners and beneficiaries in Yerevan, Gyumri, and Vanadzor who do not fall into the exempt category and currently receive their funds in cash (via Haypost) must select a non-cash payment organization, either a bank or Haypost, by June 30, 2021.

To choose a payment organization, citizens can submit an application to any territorial division of the Unified Social Service by June 21, 2021, indicating the name of the bank or Haypost from which they wish to receive their allocated funds.

If choosing Haypost, the application must include a certificate confirming the signing of an agreement for the opening and replenishment of an electronic money account. The application can also be submitted at the Haypost office.

If no payment organization is chosen, the payment organization for the July 2021 pension payments will be selected through a software module randomly selecting a payment organization.