11.Nov .2021 22:00

Minimum Monthly Wage in Armenia to Grow to $178 in 2026

Minimum Monthly Wage in Armenia to Grow to $178 in 2026
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The minimum national monthly wage in Armenia will grow to 85,000 drams ($178) until 2026, Deputy Minister of Labor and Social Affairs Ruben Sargsyan said at a discussion of the draft 2022 state budget in parliament.

“We are planning to take the first step in 2023. At the moment, discussions are underway with the Ministry of Finance,” he said as reported by ARKA news agency. 
 
During the discussion, a member of the Hayastan (Armenia) opposition alliance Tadevos Avetisyan stated the need to raise the minimum wage, since the current minimum wage is 68,000 drams ($142), while the minimal consumer basket pushed up by inflation has reached 70,000 drams ($146).

"Inflation continues. According to my estimate, this basket is already worth 75,000 drams ($157), and next year will approach the 80,000 mark ($167)," he said.
 
According to the National Statistical Committee of Armenia, consumer prices in the country were up 9.1 percent year-on-year in October after 8.9 percent inflation in September.
 
Armenian government’s inflation projection for 2021 is in the range of 2.5-5.5 percent, however, the central bank said that annual inflation will exceed the target. The economic growth projection was revised upwards earlier to 6 percent from the originally projected 3.2 percent. ($ 1 - 479.39 drams).