YEREVAN, November 6. /ARКА/. Armenian Prime Minister Nikol Pashinyan has mandated that pension payments be conducted solely through cashless methods.
“At present, individuals over 75 receive their pensions in cash. I am allowing two weeks for all pensioners to transition to receiving their pensions exclusively through electronic means. Effective January 1, cash payments must be entirely phased out,” Pashinyan stated during a government meeting on Thursday.
The prime minister emphasized that the cashless system is also more beneficial for individuals with limited mobility.
“Whereas previously a pensioner would give cash to someone for purchases, they can now simply provide their card and still benefit from cashback on cashless transactions,” he remarked.
The cashback initiative for pensioners and benefit recipients in Armenia has been operational since July 1, 2022. Initially, they were granted a 10% cashback on their monthly expenditures (up to a cap of 5,000 drams per month).
Subsequently, the cashback rate was raised to 12% (up to a maximum of 6,000 drams). The cashback is disbursed by the 25th of the subsequent month.
Beginning January 1, 2026, the cashback percentage will rise to 20%. ($1 = 383.05 drams).-0-
