Pensioners Conducted 524 Million Dram Non-Cash Transactions in One Month

In July, pensioners in Armenia conducted non-cash transactions totaling 524 million drams. This was reported today by the Minister of Labor and Social Affairs, Narek Mkrtchyan, during a government session where he presented the initial results of the introduction of the pension postpay system.

According to the minister, only 10 percent of pensioners in Armenia, about 17,000 people, utilized non-cash transactions. “It is noteworthy that before our program started on July 1, this number was 0,” the minister stated.

Armenian Prime Minister Nikol Pashinyan clarified, “In other words, pensioners did not make any non-cash transactions with cards at all.”

As a result, for the month of July, pensioners will receive a postpay of 44 million drams in August, which, according to Mkrtchyan, will average about 2,600 drams per pensioner. “However, there are cases where pensioners will receive the maximum stipulated postpay. Around 2,000 individuals have made transactions of exactly 50,000 drams, and they will receive the maximum postpay,” Mkrtchyan said.

It is worth noting that when making purchases with bank cards, Armenian pensioners since July 1 will receive a 10 percent postpay on their monthly pensions each subsequent month, but not exceeding 5,000 drams.