Pensions and Minimum Wage to Increase: Prime Minister Provides Details

The tax revenue plan for the first half of 2022 will exceed expectations by 60 billion drams. This was announced today by Armenian Prime Minister Nikol Pashinyan during a government meeting, noting that the growth of economic activity recorded in the first five months of the year amounts to 13 percent compared to May of the previous year.

"Among the good indicators, there are also concerning figures. In particular, the volume of industrial production has only increased by 2 percent, and, of course, high inflation persists, which is alarming. However, based on the five-month indicators, we have emerged from the zone of double-digit economic growth," Pashinyan stated.

According to the Prime Minister, as of now, the tax revenue plan has been exceeded by 47 billion drams, allowing for optimistic forecasts and the development of certain social programs for the following year.

"Starting January 1, 2023, we will have an increase in pensions, and we will discuss the formulas in more detail soon. We will also have an increase in the minimum wage. It is planned that the minimum wage will rise from 68,000 drams to 75,000 drams, which will be calculated based on certain coefficients," Pashinyan added.

He also announced that from 2023, it is planned to increase the child care allowance for children under 2 years old from the current 28,600 drams to 30,600 drams.