Pashinyan: "Pensions Will Be Increased Twice More in 2023"

“We have clearly stated in the 2023 state budget our commitment to ensure a 7 percent economic growth. I want us to clearly ascertain that all these programs—from subsidies to workforce retraining programs—will be significantly important for achieving a 7 percent growth,” Prime Minister Nikol Pashinyan emphasized today, December 1, during the regular government session.

He added that companies have reported serious concerns regarding their potential growth next year, primarily due to a shortage of labor which might hinder their ability to maintain the momentum.

Pashinyan noted that this is also crucial from the perspective of overcoming poverty. “I hope that next year it will become evident that despite inflation, we have a significantly lower poverty rate. Such hopes are fueled by the exceptionally high number of jobs, the unprecedented high figure of the labor fund, and of course, the unprecedented low level of unemployment, as well as the substantial increase in capital expenditures in the upcoming state budget. Excluding the defense sector, we plan to allocate over 300 million dollars in capital investments across other sectors,” he said.

“This year, we are increasing pensions for retirees twice, and in line with this reasoning, we will also raise them two more times in 2023,” the Prime Minister remarked, adding that conclusions must also be drawn in the realm of social policy.