Parliament of Armenia passed amendments to the Law 'On national minimum wage' in first reading at the extraordinary meeting on 19 November. The amendments look to raise the minimum wage in Armenia by 5,000 drams starting 1 July 2015.
Minister of Labor and Social Affairs Artem Asatryan says the minimum wage in the country will grow from 50,000 to 55,000 drams to ensure gradual growth as envisaged by the strategic program of the Armenian Government. The amendments were submitted to the Parliament along with the bills that will ensure implementation of the Law "On the state budget 2015". This means the amendments have to be passed by the end of 2014 before the state budget 2015 is approved.
On Sept 25 the Armenian Government approved draft national budget 2015, with 4.1% GDP growth and deficit equal to 2.34% of GDP. According to the budget, in 2015 GDP will make up 4.867bln AMD, revenues 1.184bln AMD or 24.33% of GDP (4.3% more than in 2014), expenses 1.298.6bln AMD (26.38% more than in 2014). Tax revenues will make up 95.5% of all revenues or 23.24% of GDP. GDP deflator will make up 3.3%, average annual inflation 4%, deficit 2.34% or 114.1bln AMD. National debt will total $4.953bln, wherein foreign debt will make up $4.129bln. Defense will get 21.4% of expenses, social sector and culture 47.9%, economy 9.1%. Industry is expected to grow by 3.7%, agriculture by 4.2%, construction by 2%, services by 4.5%.