Retirement Pension and Family Allowance in Armenia to be Increased by 2,500 Dram

Due to the 37.5% hike in the price of natural gas, which is used to heat homes and cook food in homes and which is to kick in beginning April 1, the government of Armenia has figured that a monthly increase of 2,500 AMD (a little over $6 USD) to those receiving social benefits is in order.

Therefore, in an attempt to provide financial support to those receiving benefits and to compensate for the additional expenses, the government today decided during its visit to Artashat to increase the base amount of family allowance and retirement pension to 12,500 AMD and 10,500 AMD, respectively.

According to RA Finance Minister Tigran Davtyan, retirement pension payments will be increased from November 1, while family allowance payments will be increased from May 1. Thus, retirement pension payments are expected to go up by 12%; family allowance, 15%.

These additional payments will cause the state budget some 6.5 billion AMD in expenses. In Davtyan’s words, these expenses are set to come from budgetary savings.