Armenia is circulating a draft decision to extend its pension cashback program for at least three years, Labor and Welfare Minister Arsen Torosyan said.
Further changes to the pension cashback system will be aimed exclusively at increasing payments, Torosyan told reporters in response to questions about the program’s possible termination. He explained that the government decision regulating the program has a fixed validity period and that a draft to extend it is currently being circulated, Armenpress reports.
“We are currently circulating a draft to extend this decision for at least three years. It simply needs to have a fixed term. If we decide to change anything in three years, those changes will only involve increases,” Torosyan said.
The minister also said that various options for increasing pensions had been discussed. In particular, officials considered the balance between raising the basic pension amount and using the cashback mechanism. He emphasized that, in addition to providing pensioners with extra financial resources, the cashback system is intended to encourage the wider adoption of cashless payments.
Torosyan also presented the latest figures on participation in the program. According to the minister, the number of pensioners using the cashback scheme has reached 572,590, while the average cashback amount per beneficiary has risen to approximately 8,200 drams. He added that participation in the program continues to grow, with new beneficiaries joining every month.
During the press briefing, journalists also raised the issue of the availability and accessibility of point-of-sale (POS) terminals in retail establishments.
The minister said the cashback system itself had created an economic incentive for retailers to offer cashless payment options. In his assessment, shops accepting card payments have gained a competitive advantage over businesses that do not provide such facilities.
