VIDEO: Why Pensions Will Not Increase in 2024 - The Finance Minister Explains

In Armenia, the decision not to increase pensions in 2024 is linked to the government's expenditure priorities. This was stated by Finance Minister Vahe Hovhannisyan during a press conference.

He noted that the decision to keep pensions unchanged in 2024 was made back in 2022. "At that time, we presented the medium-term expenditure program and outlined the path along which we would increase pensions. The reason that pensions will not rise in 2024 is due to our expenditure priorities," said Vahe Hovhannisyan.

According to him, the government believes it must pursue a responsible policy and not take on commitments that pose risks of non-fulfillment. "That is, if we increase pensions now as much as we all dream, and then suddenly one day we cannot pay those pensions, it would be a huge disaster for our country. Therefore, we must be very cautious," the minister emphasized.

Hovhannisyan highlighted the importance of improving the potential for economic growth, so that the government can address social issues more robustly in the future. For more details, watch the video.