YEREVAN, March 10, /ARKA/. Russian-owned Areximbank-Gazprombank said today all its employees are entitled to a new cash benefit which is added to their annual vacation pay.

According to a press release of the bank, the size of the annual benefit is calculated based on the size of an employee’s salary and is equal to their monthly salary and is paid once a year given that an employee takes at least a 12-day vacation.

The new benefit is part of the bank’s social security program that was designed to raise the employees’ level of social protection and make the staff sure of their future. It was introduced in 2010 and envisages cash benefits to employees when they get married, when they have a child or adopt a child. Employees who have three and more children are also entitled to special cash assistance. It is also shown to parents growing a disabled child or when a family member passes away. Mothers have monthly benefits until their child gets three years old.

Areximbank-Gazprombank Group (formerly Areximbank) was established in 1998 to handle financial flows between Armenia and Russia. It is a principled member of VISA International and MasterCard International payment systems. In 2007 it joined Armenian ArCa payment system. The bank is owned fully by Russian Gazprombank and has 15 branches across Armenia, five of which are in Yerevan. -0-