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State to Pay Pension Contributions of Those Earning Minimum Monthly Income in 597 Communities in Armenia
The state will pay the social contributions (i.e. pension contributions) of those born after 1974 who earn the minimum monthly income and work in community budgetary institutions or non-profit organizations not financed by the community's budget, according to a statement [AM] issued by the Ministry of Territorial Administration of the Republic of Armenia (RA).
For this purpose, as per an Armenian government decision,197,860,800 AMD (about $485,205 USD) has been allocated to the RA Ministry of Territorial Administration and Armenia's regional administration centers. The money will be provided to 597 rural and urban communities around the country.
The 2014 community budgets were determined on the basis of the then minimum monthly salary of 45,000 AMD ($110). But, the RA Law on Minimum Monthly Salary was amended this year and the minimum monthly wage increased to 50,000 AMD ($123) starting on July 1, and according to the requirements of the RA Law on Funded Pensions, allocations to the community budgets were not planned for the fulfillment of additional budgetary expenses resulting from payment of targeted social contribution funds of those born after January 1, 1974, and earning the minimum monthly income.
The ministry thus adopted this decision with the purpose of supporting the communities in fulfilling their budgetary duties in the defined period and not accumulate additional debt.
The state will pay the social contributions (i.e. pension contributions) of those born after 1974 who earn the minimum monthly income and work in community budgetary institutions or non-profit organizations not financed by the community's budget, according to a statement [AM] issued by the Ministry of Territorial Administration of the Republic of Armenia (RA).
For this purpose, as per an Armenian government decision,197,860,800 AMD (about $485,205 USD) has been allocated to the RA Ministry of Territorial Administration and Armenia's regional administration centers. The money will be provided to 597 rural and urban communities around the country.
The 2014 community budgets were determined on the basis of the then minimum monthly salary of 45,000 AMD ($110). But, the RA Law on Minimum Monthly Salary was amended this year and the minimum monthly wage increased to 50,000 AMD ($123) starting on July 1, and according to the requirements of the RA Law on Funded Pensions, allocations to the community budgets were not planned for the fulfillment of additional budgetary expenses resulting from payment of targeted social contribution funds of those born after January 1, 1974, and earning the minimum monthly income.
The ministry thus adopted this decision with the purpose of supporting the communities in fulfilling their budgetary duties in the defined period and not accumulate additional debt.
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