Over the past eight years, we have increased pensions eight times, including through the introduction of cashback. Armenia’s Minister of Labor and Social Affairs Arsen Torosyan said this while speaking to reporters.

He said that pensions will increase for 680,000 people.

“We have promised and intend to implement a pension indexation program starting in 2028, taking inflation into account. This will be done either through cashback or directly, so that the average pension is no lower than the cost of the minimum consumer basket,” Torosyan emphasized.

He said that 90 billion drams more than planned had already been allocated for pension payments this year, while an additional 120 billion drams would be allocated next year.

“We plan to extend the cashback program for pensioners by three years. If there are any changes to pension amounts, they will be increases.

According to the latest figures, 572,000 pensioners in Armenia receive cashback, compared with 415,000 at the beginning of the year, meaning an increase of 170,000. The average cashback amount was 8,200 drams,” Torosyan noted.

According to him, cashless transactions in Armenia will decline, and at some point a situation may arise in which no one has any cash on hand.

He said that 33,000 families in Armenia receive benefits, but that this number could change.

“We are not discontinuing funeral benefit payments; rather, we are making them targeted, and assistance will be provided to vulnerable groups—benefit recipients,” he added.