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Pensions To Be Increased By 3 Thousand Drams In Armenia By The Proje

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  • Pensions To Be Increased By 3 Thousand Drams In Armenia By The Proje

    PENSIONS TO BE INCREASED BY 3 THOUSAND DRAMS IN ARMENIA BY THE PROJECT OF THE STATE BUDGET FOR 2012 - FINANCE MINISTRY

    ARKA
    Sep 29, 2011

    YEREVAN, September 29. /ARKA/. The project of state budget of Armenia
    for 2012 envisages increase of pensions by 3 thousand drams - to
    31.3 thousand compared to the current 28.4 thousand drams, said first
    Deputy Minister of Finance Pavel Safaryan in the government meeting
    on Thursday.

    "The number of social benefits will also increase by 2.7 thousand
    drams which will make 29.5 thousand drams. Expenses of social sphere
    will be increased, particularly on the account of tax entries to the
    budget", said Safaryan.

    Weighted average of tax entries to GDP will be about 17. 4%. "Over 96%
    of income of state budget (910 billion drams) are tax collections. It
    is rather high indicator meaning that the main part of the expenses
    is implemented on the account of internal resources", he said.

    Prime Minister of Armenia Tigran Sargsyan said that additional
    funding will also allow to increase the size of pensions in the
    country which will be provided by European Union, World Bank and
    International Monetary Fund in case of successful implementation of
    government programs.

    "In 2012 we will reform the salaries for the first time and provide
    civil servants social welfare packages which will allow them to
    pay percents of mortgage loans, cover healthcare expenses through
    insurance policies and pay for education of children in schools and
    universities", said Sargsyan.

    >>From introduction of this project, first of all civil servants with
    low salaries will benefit.

    "But we should not forget that all these measures require additional
    expenses. This necessity insists us to increase the ratio of taxes
    to GDP", he said.

    Armenian ministry of finance sent yesterday a draft budget for 2012
    to the Cabinet's consideration. It calls for 910 billion drams in
    revenues and 1.042.5 trillion drams in spending. The projected deficit
    is 132.5 billion drams.

    According to the statement, the amount of revenue is projected to
    increase by 6.8% from this year's budget (852.4 billion drams). The
    spending is expected to grow by 41.5 billion drams. Some 86.1% of the
    spending (897.8 billion drams) is projected as current expenditure;
    13.9% or 144.7 billion drams are projected as net non-financial
    expenditure. Some 46.2% are projected as social spending (education,
    health, social security), 19.8% as defence, public order and national
    security spending, 13.2% are planned for economic boost, 4.5% are
    projected to pay off Armenia's state debt. Besides, 3.1 % of the
    blueprint budget is projected as official grants to communities and 2%
    as government reserve fund).

    In the result of the checks by Social Welfare Ministry, the database
    of pensioners in Armenia reduced by 6 thousand people making about
    514 thousand pensioners. Average size of pension in Armenia is about
    28 thousand drams. ($1 - 370.38 drams).

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