Papoyan: pension hike to cost 75 bln drams

PanARMENIAN.Net - About 75 billion drams in additional annual funding will be required to raise pensions, Economy Minister Gevorg Papoyan said during a parliamentary briefing, presenting financial estimates and possible legislative changes related to the increase.

According to the minister, the necessary resources for raising pensions are available, 1lurer.am reports.

“According to my calculations, approximately 75 billion drams in additional funds will be needed annually. Part of this amount is already available, as we have reserves; another part is expected due to the economic growth potential we see. If additional needs arise, we will assess them. We continuously optimize our programs and retain only the most efficient ones,” he said.

He added that it is possible the National Assembly will amend the law in connection with the decision to raise the pension threshold.

Prime Minister Nikol Pashinyan has announced that pensions in Armenia will increase from April 1. Relatively lower pensions will rise by 10,000 drams, while relatively higher pensions will increase by a smaller amount. It was noted that cashback is not included in these calculations.