The Ministry of Labor and Social Affairs Urges Pensioners to Choose a Bank by March 5, Otherwise the State Will Do So on Their Behalf

Starting April 1, pensions and benefits in the Republic of Armenia will be paid exclusively
through non-cash transactions to all beneficiaries. If, until now, individuals aged 75 and
over as well as persons with first and second group of disabilities had the option to receive
their pension or benefit at home via a HayPost employee, this will no longer be available
as of April 1. Funds will be transferred exclusively through non-cash means.

Speaking at a press conference held at Armenpress, Head of the Pension Provision and
Other Monetary Payments Department of the Ministry of Labor and Social Affairs, Anahit
Galstyan, described the decision as significant.

“On the one hand, expanding the scope of non-cash transactions is important, on the other
hand, the Government has adopted a policy whereby pension increases are ensured
through cashback mechanisms. This means that when a citizen makes purchases using a
card, a certain percentage of the amount spent is returned by the state. Making pension
and benefit payments exclusively non-cash is intended to provide that opportunity to other
groups of beneficiaries as well,” said Anahit Galstyan.

Beneficiaries are required to choose a bank and order a card by March 5 so that pensions
and benefits can be transferred starting April 1. The Ministry urges beneficiaries to be
diligent and not delay the process.

Deputy Head of the Unified Social Service of the Ministry, Anna Beglaryan, noted that
according to statistical data, citizens are addressing the matter, but emphasized the
importance of being proactive and not leaving it to the last day.

“We have carried out extensive awareness campaigns. Compared to last year, the number
of beneficiaries receiving payments in cash has significantly decreased. At the end of last
year, we had 50,000 beneficiaries receiving pensions and benefits in cash; today that
figure has dropped to 26,000,” said Anna Beglaryan.

Many citizens have raised concerns that elderly individuals, especially those living alone,
may face difficulties visiting banks, submitting applications and obtaining cards. Anna
Beglaryan stated that in such cases, the Unified Social Service is ready to assist.
“If there are citizens who experience difficulties, they may contact us and we will provide
support. For example, if a citizen is unable to visit a bank, the contract signing and card
delivery will be arranged at the citizen’s home through the bank’s courier service,” she
said.

If beneficiaries do not select a bank by March 5, the system will assign one on their behalf.
They will not be able to change the assigned bank before April 1.
Additionally, Anna Beglaryan noted that more than 2,500 citizens have expired
identification documents, while having a valid ID is essential for resolving banking matters.
If citizens face difficulties in this regard, the Unified Social Service is prepared to cooperate
with partners from the Ministry of Internal Affairs to organize the process through mobile
service offices.