Central Bank of Armenia predicts jobless rate decrease in late 2013

PanARMENIAN.Net - The Central Bank of Armenia posted a 16,2% jobless rate in the first halfyear of 2013. Unemployment in the 35 to 45 age group remains a problem, with salaries as well as job opportunities continuing on below the average level.

According to CBA forecasts, in 2013, nominal salaries will grow by 3,8%, the upsurge prompted by expected inflational environment as well as productivity and minimal salary increase. The unemployment is predicted to drop to 15,2% by yearend.

Average monthly salary totaled AMD 150 130 in Armenia in September 2013 increasing by 5,8%, as compared with the same period in 2012.

As the RA National Statistical Service reported, 3,9% and 8,7% growth was recorded in salaries of budgetary and private organizations in September 2013 against 2012 results, totaling AMD 119 403 and AMD 183 997 respectively.

The 2013-2017 governmental program envisages annual salary increase to AMD 50 thous. in 2014, AMD 55 thous. in 2015, AMD 62,5 thous. in 2016, AMD 70 thous. in 2017.

According to amendments to the Law on minimum monthly salary, the minimum salary amount was increased by 30% to AMD 45 thous. which required allocation of additional budget funds to the amount of AMD 6 billion. The new salary system will be implemented in Armenia starting January 1, 2014 with AMD 50 billion in budgetary funds to be extended.

On August 28, President Serzh Sargsyan stated that in 2017, the minimal salary in Armenia will reach AMD 90 thous.

Nevertheless, according to World Bank data, 32,5% of Armenia’s population are beyond the poverty line. Armenia’s Finance Ministry put the poverty rate in 2012 at 33,1%, with a 1% drop forecasted in 2013.