What are payroll taxes in Armenia?

Question

Accepted Answer

Individual social security accounts are mandatory for workers who were born after January 1, 1974. The employee’s contributions are as follows:

5% of monthly earnings up to 500,000 drams a month, plus up to 1.5% of the account balance for administrative fees.

For earnings exceeding 500,000 drams a month, the insured’s contribution is 10% of monthly earnings minus a government flat-rate contribution of 25,000 drams, plus up to 1.5% of the account balance for administrative fees.

Employers must also contribute to social security at a flat rate of 7,000 drams a month

Plus 15% of the employee’s monthly income from 20,000 drams to 100,000 drams

Plus 5% of income greater than 100,000 drams.

The employer’s contributions also finance sickness, maternity, work injury, and unemployment benefits.