“A 63-year-old man is not old.” the government will provide up to 2 million drams to businesses

Citizens aged 63-72 in Armenia will have the opportunity to receive up to 2 million drams of free support from the state to start or develop their own business.

At the session of November 5, the government approved the support program for business initiatives of the older generation, the purpose of which is to encourage the economic activity and self-employment of citizens of retirement age.

Prime Minister Nikol Pashinyan, referring to the initiative, stated that retirement age should not be considered as a limit for ending economic activity.

“A 63-year-old man is not old. A 64-year-old person is not old, a 65-year-old person is not old, a 70-year-old person is not old, and a 72-year-old person is not old either,” said the Prime Minister.

According to Pashinyan, citizens of the older generation have professional knowledge, work experience and business potential, which is not always used. In his assessment, the continuous emphasis on the status of a pensioner can sometimes have a negative impact on people’s economic activity.

“In many cases, by labeling a person as a retired person, we contribute to their economic deactivation,” he stated.

The Prime Minister did not agree with the formulation of the Deputy Minister of Economy, Aram Khachatryan, that the program is primarily intended for citizens who do not have business skills. According to Pashinyan, there are also people who have relevant knowledge and experience, but have lost the desire to engage in entrepreneurship.

“Our task is to support and encourage compatriots of our mentioned group so that they train and go to the competition arena,” said Pashinyan, comparing the business courses to the preparations of athletes.

With the program approved by the government, at least 400 citizens will have the opportunity to participate in entrepreneurial courses for free and develop their own business project. A maximum of 200 of the participants who successfully completed the courses will receive financial support of up to 2 million drams as a result of competitive selection.

According to Deputy Minister of Economy Aram Khachatryan, the amount provided is not a loan and will not be subject to return if the beneficiary complies with the terms of the program. Funding will be done cashless, transferring payments directly to suppliers of goods or services. In case of inappropriate use of support or breach of obligations, the money must be returned.

To participate in the program, citizens must already be engaged in entrepreneurship or undertake the obligation to register with the appropriate status. It is also planned that the persons who received support should continue their business activities for at least 12 months.

Priority will be given to residents of border, mountain, highland and rural areas. The total maximum amount of financial support of the project will be 400 million drams.

During the discussion, Pashinyan also proposed to create an opportunity so that the participants of the courses could unite and implement joint business projects.

The Minister of Labor and Welfare, Arsen Torosyan, in his turn stated that more than 100,000 pensioners continue to work as hired workers in Armenia.

“Not only are they not old, but perhaps even more vigorous and active than many young people,” said Torosyan.

The minister also emphasized the role of work and physical activity in maintaining the health of the elderly.

At the end of the discussion, Pashinyan noted that universal health insurance for citizens over the age of 65 can also stimulate their economic activity. In the next stages, the government plans to address the issue of including 63-65-year-olds in the insurance system.

Let’s remind that on June 18, the government also approved the employment support program for people with disabilities and people over 63 years of age, by which it is planned to reimburse a part of the paid income tax to the employers who hire citizens of these groups.

The new initiative is planned to be implemented in a pilot format, and after evaluating the results, the government will decide on the possibility of its continuation.