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Yerevan's public transport revolution: What passengers can expect in 2025
... in Yerevan, regardless of their place of residence. Free transport for students who have lost one parent or are orphans. Free transport for individuals with 1st and 2nd degree disabilities. Free transport for children from orphanages and residents of retirement homes, as well as individuals receiving government benefits and assistance. 20% discount for heroes of the former USSR, Social Labor heroes, national heroes of Armenia, and holders of the Order of Glory. Free transport for parents of large ...
12/20/2024What is a risk profile and how it relates to investment strategy
... recover capital in the event of an unsuccessful investment. Second, over the long term, returns on aggressive instruments grow, offsetting drawdowns and outpacing inflation. Older investors usually invest with the goal of earning additional income for retirement in the coming years. They seek to avoid the risk of any losses and invest in instruments with not the highest but guaranteed returns. Qualifications An investor with knowledge and transaction experience is more prepared for an aggressive ...
04/23/2024How choosing an account can help you reach your financial goal
... mutual funds, exchange-traded funds, and securities. Funds withdrawn from a health savings account are not subject to taxes or penalties. People who own health insurance with a high threshold contribution of at least $1400 are eligible to open HSAs. Retirement Account Plans A 401(k) is an investment retirement account into which employees in the United States can contribute a portion of their earnings before taxes. In this way, the amount of taxable income is reduced and savings are constantly ...
03/21/2024Investments for specific purposes: retirement planning and education
... the ways to take care of your own future, to support your children and to avoid financial dependence is investing. Investing will be effective if it is aimed at achieving goals that are meaningful and understandable to you. These include planning for retirement and paying for education YEREVAN, January 17. /ARKA/. One of the ways to take care of your own future, to support your children and to avoid financial dependence is investing. Investing will be effective if it is aimed at achieving goals ...
01/17/2024High-paid workers in Armenia will be offered to postpone retirement - Ministry of Social Affairs
Highly skilled workers of retirement age with monthly salaries of 300,000 drams ($740) and above will be offered to postpone retirement, Armenian Minister of Labor and Social Affairs Narek Mkrtchyan said on Wednesday. YEREVAN, January 11. /ARKA/. Highly skilled workers of ...
01/11/2024Pension increase not planned in Armenia in 2024, minister says
... bank cards. However, the amount of the cashback cannot be more than 5,000 drams per month. According to the minister, this is also a "peculiar" increase in pensions. Currently, the minimum pension in Armenia is 36,000 drams ($88), and the retirement age for women and men is 63. --0--
01/10/2024Armenian parliament passes major package of amendments to Labor Code
... two years of age. If desired, women can dispose of this time on their own, for example, to come to work later or to leave earlier. Another change removes from the Labor Code a clause that allows employers to terminate contract with employees who reach retirement age. The current Labor Code does not allow concluding open-ended contracts with pensioners - this point is abolished too. Additional social guarantees are provided to servicemen wounded in the course of combat operations, as well as to families ...
05/03/2023Armenian National Assembly committee approves sweeping amendments to Labor Code
... age. If desired, women can dispose of this time on their own, for example, to come to work later or to leave earlier. Another change calls for removing from the Labor Code a clause that allows employers to terminate contract with employees who reach retirement age. The current Labor Code does not allow concluding open-ended contracts with pensioners - this point is to be abolished too. Additional social guarantees are provided for servicemen wounded in the course of combat operations, as well as ...
03/15/2023VTB (Armenia): more than 20% of pensioners receive pensions on VTB cards
... to extend our participation in it until July. Within its framework pensioners can receive 10% monthly of the amount for cashless payment of goods and services," said Acting Deputy CEO of VTB (Armenia) Taras Kladchenko. VTB (Armenia) offers also retirement-age customers the best deal on "Social" deposit. The minimum amount of a deposit is 10 thousand Armenian drams for a period from 61 to 365 days. The interest rate is from 5.25% to 8.1% and the yield ranges from 5.28% to 8.08%. The ...
02/10/2023Armenia is preparing a large package of changes to Labor Code
... age. If desired, women can dispose of this time on their own, for example, to come to work later or to leave earlier. Another change calls for removing from the Labor Code a clause that allows employers to terminate contract with employees who reach retirement age. The current Labor Code does not allow concluding open-ended contracts with pensioners - this point is to be abolished too. Additional social guarantees are provided for servicemen wounded in the course of combat operations, as well as ...
01/31/2023IFC, Amundi-Acba Launch Partnership to Increase Investment in Armenia’s Infrastructure
... in emerging countries. The two organizations work together to help direct capital to emerging markets through innovations and regular education and knowledge transfer programs designed for issuers and investors alike. "While ensuring a dignified retirement for our participants remains our main mission, contributing to Armenia's economic development through our investments is also essential. This agreement with IFC, one of the most prestigious international institutions, will help us achieve our ...
12/21/2022Expert on what is happening to pension accounts of Armenian citizens: losses, causes and other factors
... have a positive impact on pension accounts," he said. Zakaryan explained that there are two things on the scales: on the one hand, the specific amounts people are paying today for essential purchases, and on the other, the balance in citizens' retirement accounts, which will accumulate for decades before a person retires. Zakaryan estimates that the system is modeled so that the risk of subjective factors is minimized. "Pension fund managers are interested in seeing the balance in the ...
08/03/2022Armenian parliament votes to raise retirement pensions of judges, prosecutors and investigators
Armenia’s National Assembly has approved today in the first reading a set of amendments to the law on social security of persons holding public office, which call for raising the size of retirement pensions of judges, prosecutors and investigators. YEREVAN, March 2. /ARKA/. Armenia’s National Assembly has approved today in the first reading a set of amendments to the law on social security of persons holding public office, which call ...
03/02/2022Armenian parliament turns down pension rise bill
... pensions. MP Aghvan Vardanyan from the opposition Hayastan (Armenia) alliance, said the bill was drafted to improve the social status of pensioners and citizens receiving government allowances. The bill, in particular, calls for indexing on an annual base retirement pensions, including the military pensions. "In recent years, we have experienced an average inflation of 7% every year. Food is becoming more expensive, but pensions and benefits are not increasing. The latest rise in pensions by 2,600 ...
03/01/2022Go home: opposition protest demands that EU ambassador leave Armenia
... the facts of repressions taking place in Armenia. "No one has done as much damage to human and European values as Madam Ambassador. The EU has had a very bad policy in Armenia of late: they appoint people here as ambassadors, who are then sent to retirement. Dear colleagues from the EU, stop "writing off" your poor staff through Armenia," Armen Ashotyan said. He said the ambassadors, instead of promoting European values and democracy, are ruining it all, and Ambassador Wiktorin ...
02/10/2022VTB Bank (Armenia) clients can withdraw their pensions without commission
... pensioners may apply for its Visa Classic or Mastercard Standard cards and have access to their pensions in 24/7 mode with zero commission. The Bank reminded that it runs as many as 206 ATMs across Armenia. “Servicing more than 35% of the clients of retirement age in the country, VTB Bank (Armenia) provides the most comfortable services to its customers and pays pensions from its own resources until the 2nd working day of each month. On the eve of the New Year holidays, pensions are paid out on December ...
01/14/2022VTB Bank (Armenia) clients to receive their pensions before second working day of month
As a leading bank in Armenia in terms of payment of pensions and other government-funded allowances and payments and also aiming to provide the most comfortable service to its clients of retirement age, VTB Bank (Armenia) ensures that pensions are paid before the 2nd working day of each month from its own resources, while on the eve of the New Year holidays, the pensions are paid on December 31st. YEREVAN, September 14. /ARKA/. As a ...
09/14/2021Minors in Armenia to be granted right to official employment
... will have the opportunity to use their work break -a total of 90 minutes- for feeding the baby. Among other key changes, Sargsyan mentioned the specification of the rights of employers and employees. So, according to the proposed changes, people of retirement age are allowed to conclude an open-ended employment contract with the employer. The changes also provide for the right to announce a strike if 50% of employees agree to do so. “This gives workers the opportunity to defend their rights and ...
05/04/2021Lawmakers propose raising retired judges' pension size to 75% of their last salary
... ruled that the pension threshold should be high, and the difference between the pension and the last salary of judges should be small. “Thus, we encourage people with judicial education to seek positions of judge positions, and also safeguard their retirement well-being,” he said. He said that the Constitutional Court sees the possibility of increasing the pension of judges to 92% of their last salary. Deputy Minister of Labor and Social Affairs David Khachatryan said that today there are 70-80 ...
03/04/2021Tigran Jrbashyan: for 30 years we have been building a "kingdom of crooked mirrors." If we don't think strategically, we can lose the country.
... name of solving a problem that will happen in 3-4 years, then it will be possible to say that society has matured. A striking example: according to my data, in 2023 we will have a crisis of the pension system, since the number of people who enter the retirement age in two years will increase sharply due to demographic cycles, and the number of the working population will decrease. Is our society ready today to admit that it has no alternative and that it is necessary to raise the retirement age? Is ...
03/04/2021Armenian government nominates candidate for vacant seat in Constitutional Court
... constitutional changes (adopted by the parliament on June 22). On June 22, the National Assembly of Armenia adopted the amendments to the Constitution, which imply the termination of the powers of the chairman of the Constitutional Court, Hrayr Tovmasyan, and retirement of those members of the Constitutional Court who have been in office for more than 12 years in total - these are Hrant Nazaryan, Felix Tokhyan and Alvina Gyulumyan. The rest of the judges will continue to work until the expiration of this period....
07/23/2020Armenian parliament speaker signs amendments to law on Constitutional Court
... the parliament on June 22). Constitutional changes On June 22, the National Assembly of Armenia passed the draft amendments to the Constitution, which implied termination of the powers of the chairman of the Constitutional Court Hrayr Tovmasyan and retirement of those members of the Constitutional Court who have been in office for more than 12 years in total - they are Hrant Nazaryan, Felix Tokhyan and Alvina Gyulumyan. The rest of the judges will continue to work until the expiration of this period....
07/22/2020Bright Armenia to file appeal disputing parliament-passed legislative changes to Constitutional Court
The Bright Armenia Party intends to appeal to the Constitutional Court on the amendments to the Constitution passed by the National Assembly, which imply the dismissal of the chairman of the Constitutional Court and retirement of its three members who have served for more than twelve years. YEREVAN, June 24. /ARKA/. The Bright Armenia Party intends to appeal to the Constitutional Court on the amendments to the Constitution passed by the National Assembly, which ...
06/24/2020Armenian president signs amendments to laws on constitutional changes
... the president of the country for signature, but will be published by the chairman of the parliament. On June 22, the National Assembly of Armenia passed a bill implying the dismissal of Hrayr Tovmasyan as chairman of the Constitutional Court and the retirement of three members of the court who have served for more than twelve years. A new chairman will be chosen after these three retirees are replaced with new judges. The new-elected judges, too, will be eligible to run for chairmanship. The bill ...
06/24/2020Armenian parliament passes bill implying dismissal of Constitutional Court chairman and retirement of three members
The National Assembly of Armenia passed Monday a bill implying the dismissal of Hrayr Tovmasyan as chairman of the Constitutional Court and the retirement of three members of the court who have served for more than twelve years. A new chairman will be chosen after these three retirees are replaced with new members of the court. The new-elected judges, too, are eligible to assume chairmanship....
06/23/2020New apartments to be built for Armenian civil servants
... state non-profit organizations. The cost of housing is 345 thousand drams per 1 square meter with repair and 310 thousand drams without repair. Parking space will cost 2.5 million drams with an advance payment of 10%. Loan repayment period is until the retirement age, but not more than 20 years. The effective loan interest rate in drams is 10%. The apartments and parking lots will be distributed by lottery. ($ 1 - 482.38 dram). –0--
06/04/2020AMUNDI ACBA ASSET MANAGEMENT: six years in Armenia
... pension funds. According to him, the main reason for coming to Armenia was the funded pension system, which is interesting and innovative. “It is interesting because it includes a social component, allowing workers in Armenia to plan their future retirement through asset management. Of course, at 30, it seems that thinking about retirement is early, because there is a lot of time ahead, but we can see a number of difficulties in those countries which haven’t done anything to resolve pension ...
02/20/2020PACE co-rapporteurs concerned over tension between Armenian prime minister's administration and head of Constitutional Court
... trust is already very low,” they said. “So far, the Government and the Parliament have respected legal procedures to resolve the situation. Moreover, the authorities have requested the opinion of the Venice Commission on the mechanism for early retirement of judges of the Constitutional Court. According to European standards, the Venice Commission underlined that early retirements should be strictly voluntarily and that this principle needs to be observed." The co-rapporteurs said thay ...
02/01/2020Armenian President wishes his fellow citizens prudence, discipline, rational thinking and tolerance in 2020
... all citizens of the Republic of Armenia, our people in Armenia, Artsakh, and Spyurk, our families, each and everyone of us. I send special best wishes to our military, war invalids, and families of the falled heroes, to lonely citizens and those in retirement homes, to multi-child families, to all workers of the healthcare system and patients under their care, and baby citizens of the Republic of Armenia, to all… God bless our Fatherland and Armenian people all over the world. Happy New Year! ...
12/31/2019Pensions in Armenia to rise by 10 percent starting 2020
Old-age and retirement pensions as well as other government-paid allowances will increase in Armenia starting 2020, Labor and Social Affairs Minister Zaruhi Batoyan said during a government meeting on Thursday. YEREVAN, December 26. /ARKA/. Old-age and retirement ...
12/26/2019Armenian lawmakers pass bill proposing early retirement to Constitutional Court members
The National Assembly of Armenia gave Wednesday its final approval to a bill amending the law on the Constitutional Court. On November 14, the Armenian government decided to allocate AMD 630 million from the government budget to propose early retirement to the current members of the Constitutional Court with a pension equal to their present salaries. The deadline for retirements on the proposed condition is January 31, 2020. YEREVAN, December 11. /ARKA/. The National Assembly of Armenia ...
12/11/2019Servicemen's disability pension eligibility criteria may be changed in Armenia
... serviceman is recognized as disabled not during his service, but after he completed his service with injuries or diseases he has got during the service period. The law also states that all those whose disability category was received within five years after retirement are eligible to receive the disability pension, and the bill passed today by the parliament proposes to lift this time restriction. -0---
12/09/2019Armenian government to pay utility bills of lonely pensioners
... pensioners living in social apartments. Under the bill the government will pay their electricity, natural gas and water bills. The law is expected to comes into effect on January 1, 2020. The bill is backed by the fact that the amount of old age and retirement pensions is not sufficient to address priority household issues. As a result this segment of the population accumulates large utility debts. Deputy Minister of Labor and Social Affairs Gemafin Gasparyan said between the first and second readings ...
12/04/2019The number of printed cash register receipts in Armenia is up 38 percent
... filling stations and other trade outlets for printing cash register receipts, as well as all those citizens who demand them. “It is thanks to these people that we have the opportunity to raise the salaries of military personnel, firefighters, teachers, retirement and social pensions, to provide our military with high-quality food, and to repair hundreds of kilometers of roads,” he said. According to Pashinyan, there are many signals that some trade outlets continue the 'vicious' practice of not providing ...
11/06/2019Armenian pensions and social allowances will increase in 2020
In 2020, the size of retirement and social pensions as well as the size of social allowances will increase, Labor and Social Affairs Minister Zaruhi Batoyan said today when speaking at a parliamentary discussion on the draft state budget for next year. YEREVAN, November ...
11/01/2019Armenia to increase spending on pensions for military retirees
... for some provisions of the law were recognized not corresponding to the Constitution. In particular, under the present law, retired servicemen have to apply to the military commission for medical examination no later than in five years after their retirement to receive disability category. If they apply later they can't have their pensions increased for their disability. The amendments lift this restriction, and this will lead to additional spending in the government budget. "We have not ...
10/10/2019Artsakh president retires defense army deputy chief
... STEPANAKERT, June 17. /ARKA/. Bako Sahakyan, Artsakh president, has signed a decree dismissing Major General Vardan Balayan, the president’s press office reported on Monday. Bako Sahakyan has dismissed Vardan Balayan because of the latter’s retirement age. -0---
06/17/2019Court in Yerevan rules to remove arrest of ex-president’s property
... case launched against Kocharyan, he is accused of taking a large bribe. On July 30, 2018 the Special Investigation Service ruled to arrest his property. The move was appealed by Kocharyan’s lawyers. The arrested property included also Kocharyan’s retirement bank account, which, however, was removed at the request of the Human Rights Defender. А court in Yerevan ruled on May 18 the release of ex-president Robert Kocharyan from pre-trial detention. Judge David Grigoryan ruled that Kocharyan be ...
06/07/2019Deputy defense minister of Artsakh resigns
... (Nagorno-Karabakh) President Bako Sahakyan signed a decree dismissing Major General Samvel Karapetyan as deputy defense minister. According to Artsakh presidential press service, Karapetyan was dismissed according to his own application in connection with reaching retirement age. Earlier on Tuesday, Karapetyan said in an interview that he had resigned. -0-
04/02/2019Armenia intends to increase pensions of 80,000 citizens
... for over 80,000 citizens, Labor and Social Affairs Minister Maneh Tandilyan said at a press conference on Wednesday. "There are pensioners who receive very low pensions because of insufficient length of service: they are citizens who have reached retirement age, but for one reason or another receive pensions that are lower than the subsistence level. "We must understand that our country has the duty to guarantee the minimum needs of citizens,’ she said. She also said the government plan ...
08/23/2018VTB Bank (Armenia) reduces interest rates on mortgage loans
... capital city Yerevan and 5.5% rate for those living in the capital city. Mortgage loans are provided to citizens and residents of Armenia. The borrower's age at the time of receiving the loan should not be less than 21 years, and not to exceed his/her retirement age at the time of repayment the loan. To obtain a mortgage loan, VTB Bank (Armenia) requires the minimum package of documents. Preliminary decision to grant a loan is made within 2 working days. Detailed information about this offer can be ...
07/30/2018VTB Bank (Armenia) raises interest rate on deposits in drams to 10 percent
... possibility of replenishment and write-offs, with the possibility of replenishment, with the possibility of replenishment and write-offs, a long-term deposit "Childhood", a deposit "Social" designed specifically for depositors of retirement age. The bank said it takes a customer 5 minutes to have its application processed and approved. To replenish the deposit, there is no need to visit the head of bank or its branches, as it can be done through more than 2000 payment terminals ...
06/26/2018IMF welcomes Armenian government’s decision to effect new pension system
... believes that the new pension reform is the best way to solve the problem of poverty among the older generation in 30 years. According to her, today's working citizens will have enough time to accumulate a decent pension and receive it when they achieve retirement age. She also downplayed fears that the accumulated funds may be at risk saying they are managed by two companies with high reputation, which are present in many other countries achieving impressive yields in recent years. Armenia's new pension ...
06/15/2018Haykaz Baghmanyan dismissed as Armenian army deputy chief
... president, has issued a decree dismissing General-Lieutenant Haykaz Baghmanyan, deputy chief of staff of the Armenian armed forces, the presidential press reported on Tuesday. Earlier, Vigen Sargsyan, defense minister, said that Baghmanyan has applied for retirement on his advice. As a reason of this step, Sargsyan pointed out nonobservance of labor agreement. --0--
12/06/2017Contributory superannuation system in Armenia to add 0.5 to 1.1 percent to economic growth
... Aramyan, Armenia’s finance minister, said Monday in the National Assembly at the 2018 draft government budget hearings in parliamentary committees. In his words, a pay-as-you-go pension system creates no the opportunities the defined contributory retirement system creates. Things are aggravated also by the gap between the number of working population and pensioners. Besides, he said, the introduction of the new pension system will also spur the country’s economy. Aramyan said that interest ...
11/06/2017VTB Bank (Armenia) offers mortgage loans up to 25 million drams at reduced rates
... building/repairing homes at 11.5% and 12.5% interest rates respectively. Mortgage loans are available to both Armenian citizens and residents. The borrower's age at the time of receiving loan should not be less than 21 years, and it should not exceed the retirement age at the time of repayment. To obtain a mortgage loan, VTB Bank (Armenia) requires a minimum package of documents. Preliminary decision on granting a loan is made as soon as possible – in 2 working days. VTB Bank (Armenia) also offers loans ...
08/30/2017California State Assembly votes to divest from Turkey
... successfully securing resolutions from all nine campuses of the University of California and for working with us side by side to educate our elected representatives and to mobilize our grassroots.” AB 1597 prohibits the boards of the California Public Retirement System (CalPERS) and California State Teachers’ Retirement System (CalSTRS) from making additional or new investments, or renewing existing investments issued, owned, controlled, or managed by the government of Turkey. The measure notes that ...
06/02/2017Ohanyan-Raffi-Oskanian vows to increase contract servicemen’s salaries and promises every benefit
... number of contact soldiers and their average salary size. The dismissed defense minister also vowed to enhance attractiveness of military service if he comes to power again. In his speech, he promised high salaries, good living conditions and decent retirement benefits for servicemen. He said the bloc will increase contract soldiers’ median salary to AMD 240,000 and officers to AMD 480. In his words, AMD 50 billion will be taken from the government budget for this purpose. The former defense ...
02/27/2017Armenian premier orders scrutiny for social affairs ministry
... after a scandal, but the minister, who is the top person responsible for this segment. In recent days, the prime minister dismissed Asatryan’s deputy Filaret Berikyan, who has been in office long years as the official in charge of orphanages and retirement houses. --0---
01/26/2017Some 308 billion drams paid this year as social security benefits
... deputy chief of the State Social Security Service Smbat Saiyan said today. Speaking at a news conference he said the bulk of the amount – about 222 billion drams- have been paid as pensions, 24 billion drams as military pensions, 13 billion drams –as retirement, disability and other allowances. He said about 10 billion drams have been paid as childbirth allowance, 3 billion drams as maternity benefits to unemployed mothers and 2.9 billion drams as guardianship allowance. In general, some 463,838 people ...
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