In 2024, salary fund in Armenia increased by 12% per annum

ArmInfo. According to the results of 2024, the salary fund of Armenia amounted to 295 billion drams, which is 12% or 30.8 billion drams higher than the amount  recorded in 2023. Compared to 2018, the fund has increased by 2.2  times or by 163.9 billion drams. This was stated by the Minister of  Economy of Armenia, Gevorg Papoyan, during a meeting of the  Parliamentary Standing Committee on Economic Affairs on March 19.

Additionally, he pointed out that according to the 2024 data, 40.6%  of the total employed people in Armenia received a salary of up to  150,000 drams. In 2023, this figure was slightly higher at 43.3%. At  the same time, 41.6% of employed people in Armenia earned a salary  ranging from 150,000 to 500,000 drams.  Referring to the latest data  from the RA Statistical Committee, the Minister highlighted that the  unemployment rate was 13.3% in Armenia in the third quarter of 2024,  a decrease from 17.6% in the same period in 2018. 

Papoyan also reported on the successes registered in the area of  labor productivity. According to him, labor productivity in Armenia  by the end of 2024 amounted to $10.3/hour, compared to $9.6/hour in  2023, $8.2/hour in 2022, and $6.1/hour in 2021.