The decision will benefit around 500,000 Armenians aged 65 and older. The average amount of monthly pensions paid to them has stood at 41,000 drams ($100) until now.
The government also announced similar rises in benefits for citizens with various disabilities. They too will take effect next month.
The government had earlier planned to raise the pensions in January 2023. Prime Minister Nikol Pashinian said the planned rises were brought forward to September because the State Revenue Committee collected more taxes than were projected in the first half of this year.
The higher pensions and benefits will clearly not offset the increased cost of living for the socially vulnerable citizens covered by the government’s decision.
According to government data, inflation in Armenia rose steadily in the first half, reaching an annual rate of 10.3 percent in June. It eased to 9.3 percent in July thanks to a seasonal drop in the cost of fruits and vegetables. Even so, overall food prices were up by an average of 13.5 percent year on year.