RA Minister of Labor and Social Affairs explains pension rise 

ArmInfo.Pensions in Armenia are calculated based on various formulas. This was announced by RA Minister of Labor and Social Affairs Arsen Torosyan in a video  address on February 25.

According to him, these formulas focus on the concept of the "basic  pension," which currently stands at 24,000 drams. Effective April 1,  it will increase by 10,000 drams to 34,000 drams. Thus, the minister  noted, the pensions of all those whose pensions are calculated based  on the "basic pension" will be increased by 10,000 drams. Arsen  Torosyan also announced that the minimum pension, currently 36,000  drams, will also increase, reaching 46,000 drams effective April 1.  This means that the old-age pension, which is paid to elderly  citizens without the required work experience, will also increase by  10,000 drams.

The minister also announced that benefits for disabled persons of  groups I, II, and III, as well as for those with severe and moderate  disabilities, will also increase. Instead of 36,37,500, and 39,000  drams, they will receive 46,47,500, and 49,000 drams, respectively.

Military pensions for long-term service will also increase, but the  calculation formula is slightly different.  On average, military  retirees will receive an additional 8,500 drams, although in some  cases the increase will be between 10,000 and 15,000 drams.

Pensions for families who have lost a breadwinner and other  categories of socially vulnerable individuals are also planned to  increase.

The minister also noted that the 20% cashback on non-cash purchases  will remain. Thus, the total pension amount could increase by another  10 thousand drams, which will contribute to a reduction in the shadow  turnover.