Armenia, a developing country in western Asia, built its economy on mineral extraction and industrial output. Armenia, located at the border, is a member of many regional organizations in Asia and Europe. The country ranks high on the Safety Index and has low crime levels.
Yerevan, Gyumri, Vanadzor
Sales Consultants, Service Manager, Accountants, Administrative Staff
The top local universities in Armenia include:
The following table mentions the average monthly salary of some common jobs in Armenia
|Job Title||Average Monthly Salary (AMD)||Average Monthly Salary (USD)|
Armenia follows a monthly payroll cycle, with payments made by the 15th of next month.
Armenia’s minimum wage is 75,000 Armenian dram per month.
Armenia does not allow overtime beyond 4 hours per every two days and is limited to 180 hours a year. Rates of compensation for overtime at various times are mentioned below:
The 13th month pay is not mandatory or customary in Armenia.
There is zero percentage of employer contribution in Armenia.
|Pension fund (if monthly gross income less than 500,000 AMD)||4.5%|
|Pension fund (if monthly gross income above 500,000 AMD)||10%|
Income tax is followed at a flat rate of 21%.
The standard VAT rate is 20%.
Employees can be terminated on a valid reason and with adequate notice.
The notice period followed in Armenia is 5 days.
The severance pay based on the length of employment is as follows:
|Term of employment||Severance Pay|
|Less than 1 year||10 days’ wage|
|Above 1 year and less than 5 years||25 days’ wage|
|Above 5 years and less than 10 years||30 days’ wage|
|Above 10 years and less than 15 years||35 days’ wage|
|Over 15 years||44 days’ wage|
The following documents are necessary for a foreign national to work in Armenia:
|Overtime period||Compensation Rate|
|On weekdays||Premium of 50%|
|Night work||Premium of 30%|
|On Public holidays and other non-working days||Premium of 100% (or an extra day off)|
|Hard/dangerous labor||Premium of 30%|
|Extremely hard labor||Premium of 50%|