Wednesday, September 12 2018 18:13
Naira Badalian

The Armenian government suggests raising the minimum pension by 60%

The Armenian government suggests raising the minimum pension by 60%

ArmInfo. The government of Armenia in the person of the Ministry of Labor and Social Affairs initiated amendments to the law "On State Pensions", following which  as of January 1, 2019, the minimum pension will increase by 60% -  from 16 thousand to 25,500 drams. The project is submitted for public  discussion on a single website of legal acts e-draft.am.

As they say in the short description of the bill, the purpose of the  document presented is "to overcome extreme (food) poverty among  pensioners." It is noted that according to the data for December  2017, in 2016 the threshold of food poverty in Armenia was 23,313  drams. As expected, in 2019, taking into account the 3% annual  inflation, the figure will reach 25,500 drams.

According to the document, as of June 1, 2019, the number of  pensioners will be 497.394, of which the retirement pension will be  received 463,069 people, 32,420 recipients of pensions through the  power structures and 1,905 military retirees.

Taking into account the above, the Armenian government suggests  introducing a new instrument in the state pension system - the  minimum pension. "This tool will make it possible to make the policy  on retirees receiving a low pension more targeted," the document  says. The authority to establish the minimum amount of pension  payments is proposed to be entrusted to the Government of the  Republic of Armenia. 

"According to the calculations conducted within budget processes, the  minimum pension is set at 25,500 (at the level of marginal poverty)  from January 1, 2019. If the project is approved, according to the RA  Law on State Pensions, pensions are below the minimum pension level  from 1 January 2019 will be paid in the amount of minimum pension  payments, it is also noted that the corresponding funds are provided  for by the medium-term expenditure program of Armenia for 2019-2021.  Note that as of November 2017, the Ministry of Labor and Social  Affairs of Armenia, 524,485 pensioners are registered in the Republic  of Armenia, 460,000 of them receive a retirement pension (the basic  pension is 16,000 drams, plus bonuses for the period of service - 800  drams for the first 10 years and 500 for the subsequent ones) - an  old-age insurance pension of 16 thousand AMD .

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