YEREVAN. – It is planned to allocate 223.5 billion drams (about $470,170,245)—or 300 million drams (about $631,100) less—next year, as compared to 2016, for labor pensions in Armenia. 

The Minister of Labor and Social Affairs, Artem Asatryan, stated the aforesaid at Wednesday’s National Assembly hearings on the draft state budget for 2017.

He added that the number of pensioners in the country will increase from 456,960 to 459,682—an increase of about 2,700 pensioners, but the average extent of their work experience will slightly reduce. As a result, the average pension also will be reduced.

The method for calculating the pensions to be paid, however, will remain the same.