YEREVAN, February 1, /ARKA/. Armenia’s State Pension Service, a unit of Labor and Social Security Ministry, said it has signed agreements with 13 local commercial banks which will pay pensions to retirees.

They are ACBA Credit Agricole Bank, Areximbank- Gazprombank Group, Araratbank, Ardshininvestbank, BTA Bank, Armenian Development Bank, Conversebank, Armbusinessbank, Armeconombank, Mellat Bank, Unibank, Prometey Bank and Bank VTB (Armenia).

In addition, the ministry has signed also contracts with settlement systems Adalev Ria, Idram, Kvadrakom, Haypost (Armenian Post) and Mega Pantera.

On November 4, 2010 the Armenian government passed a decision envisaging also a cashless payment of pensions via plastic cards. Pensioners can also receive their pensions in cash. According to the latest government data, there are 521,000 pensioners in Armenia. The average size of a pension is 24,570 Drams. ($1 – 359,23 Drams). -0-