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

The decision not to increase pensions in Armenia in 2024 is linked to the government's spending priorities. This was stated by Finance Minister Vahe Hovhannisyan at a press conference.

He noted that the decision to not raise pensions in 2024 was made back in 2022. “At that time, we presented the mid-term spending program and outlined the path by which we would increase pensions. The reason that pensions will not increase in 2024 is due to our spending priorities,” said Hovhannisyan.

According to the minister, the Government believes it should pursue a responsible policy and not undertake commitments that create risks for non-fulfillment. “In other words, if we raise pensions now as much as we all dream of, and then one day are unable to pay those pensions, it would be a huge disaster for our country. Therefore, we must be very careful,” the minister stated.

Hovhannisyan emphasized the importance of improving economic growth potential so that the government can more powerfully address social issues in the future. “If we do not focus and invest our resources into developing our economic potential and infrastructure today, we will suffocate the future opportunities related to solving our social issues—not only for our pensioners but also in education, healthcare, and other critical areas,” added the minister.