Armenia`s pensioners to get cash-back without changing accounts next  year

ArmInfo.In 2024, the program for the return of pensions and benefits for transactions on  non-cash payments for beneficiaries will not undergo any changes, Minister of Finance of the Republic of Armenia Vahe Hovhannisyan stated on December 6, during the presentation of the final version of  the draft state budget of Armenia for next year. 

He noted that pensioners and socially disadvantaged citizens of the  country have received 10% cashback and will continue to receive it.  It's just that, unlike this year, when 5% was paid by commercial  banks and the same amount by the government of the Republic of  Armenia, now the cashback will be paid in full by the country's  cabinet. The minister suggested that the new form of financing will  no longer require pensioners to have a card from a specific  commercial bank that has joined this program. "I believe that the  Ministry of Labor and Social Affairs should conclude agreements with  the remaining banks that were not previously included in the program.  I hope that the banks themselves will be ready for this. Thus,  beneficiaries will not need to change their accounts by transferring  them to another bank," said the head of the Ministry of Finance.

By decision of the Cabinet of Ministers dated May 19, 2022, a program  for the return of pensions and benefits for transactions using  non-cash payments was launched in Armenia on July 1. Citizens  receiving pensions or benefits in non-cash form who will make  transactions with payment cards and payment devices at retail outlets  and service providers operating in Armenia will be reimbursed 10%  until the 25th of the next month, but not more than AMD 5,000.

The refund also applies to utility bills. The mechanism applies not  only to ATMs, but also to utility payments through the bank's  electronic (mobile banking) application. At the moment, VTB Armenia  Bank, Ardshinbank, ACBA Bank and ArmBusinessBank, Armeconombank and  Unibank have already joined the program. Initially, it was planned  that all those citizens who wish to change the financial organization  providing them with a pension or benefit could contact the  territorial center of the unified social service. At the time of the  decision, it was envisaged that the program would operate in pilot  mode until December 31, 2022. However, then the Armenian government  decided to extend the program until June 30, and then until December  31, 2023.

On September 14, at a meeting of the Cabinet of Ministers, Prime  Minister Nikol Pashinyan said that, in fact, today he can record that  about 20-25% of pensioners use the program.