SALARY IN ARMENIA
The Republic of Armenia is located in the north of West Asia and in the northeast of the Armenian Plateau. It borders Azerbaijan to the east, Iran to the south, Turkey to the west and Georgia to the north. It is landlocked. The population of Armenia in 2024 is about 3 million people. The capital of the state is Yerevan. The official currency is the Armenian Dram, which at the current exchange rate is equal to 0.0024 euro/dollar.
Today Armenia is considered a very poor country in comparison with the states of both the Middle East and Europe. This is largely due to economic isolation from neighboring Turkey and Azerbaijan. Plus, the local economy is largely dependent on Russia, especially in the energy sector. Next, let's find out what the minimum and average salary in Armenia in 2024.
Minimum salary in Armenia
According to the official data of the Armenian government, the minimum wage in Armenia in 2024 is 75,000 drams per month, which is equivalent to 180 dollars. The previous rate was set on July 1, 2019, which means that the minimum income of Armenians has not changed for more than 4 years. Before the increase, the minimum wage in Armenia was equal to 68,000 drams.
At the end of last year, the Armenian parliament rejected the opposition's proposal to raise the national minimum wage by about 50 percent, namely from 68,000 drams to 100,000. At the same time, the government plans to gradually raise the minimum wage in Armenia to 86,000 drams by 2026. It is expected that the first steps in this direction will be taken in 2023.
Average salary in Armenia
According to the Armenian Statistical Committee, the average salary in Armenia in 2024 is 273,425 drams per month (655 dollars). The amount is stated before taxes and other social/pension contributions. Compared to last year, Armenian workers earned 9.3% more. The number of officially unemployed in the country exceeds 48 thousand people, while 837 thousand are employed.
In the structure of the Armenian economy the service sector occupies 45%, and the industrial sector and agriculture 35% and 20% respectively. The highest salaries in Armenia are fixed in the capital Yerevan. Here one can count on an income of 700-800 dollars per month and more. In the provinces the salaries are significantly lower.
By economic sectors, the highest average salaries in Armenia are in mining and quarrying – over AMD 450 thousand per month (USD 1,150). Specialists in information technology, finance and insurance earn a lot. Workers involved in agriculture, as well as in culture, entertainment and recreation earn the least – about 115-125 thousand drams (295-320 dollars).
Note. Information on average salaries is based on official data of the Statistical Committee of the Republic of Armenia.
In conclusion, we note that the income tax rate in Armenia in 2024 is 20% (21% in 2022), and the unemployment rate reaches 13%.
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