Pension Calculation Method to Change; Minimum to Reach 36,000 Dram

The minimum pension in Armenia is set to increase to 36,000 dram starting from July 2023. This announcement was made by the Minister of Labor and Social Affairs of the Republic of Armenia, Narek Mkrtchyan, during a joint meeting of permanent committees of the National Assembly discussing the draft state budget for 2023.

“The forecasts for 2023 take into account the key indicators of pension security, the amounts raised since September 1, 2022, and the planned increases throughout the year alongside reforms in pension legislation. Specifically, the following indicators have been used as a basis for the forecasts: the minimum pension amount is set to rise from the previous 28,600 dram to 31,000 dram until September 1, 2022. The minimum pension is expected to reach 36,000 dram starting from July 2023. The basic pension amount for calculating the working pension will be 21,000 dram instead of 18,000 dram. Additionally, the basic pension is projected to reach 36,000 dram starting from July 2022, with the value for one year of work experience set at 525 dram, up from the current 500 dram,” stated Mkrtchyan.

It is expected that the average monthly amount of the working pension will be around 50,000 dram from July 2023, compared to the current 46,500 dram. Meanwhile, the average monthly amount for military pensions will be approximately 89,000 dram starting from July 2023, as opposed to the current 80,900 dram.