From 2011 Armenia To Pass To Cumulative Pension System

FROM 2011 ARMENIA TO PASS TO CUMULATIVE PENSION SYSTEM

PanARMENIAN.Net
22.01.2010 14:43 GMT+04:00

/PanARMENIAN.Net/ By the RA Government’s decision, starting from
January 1, 2011 Armenia will pass to the cumulative pension system,
Vazgen Khachikyan, representative of the Armenian ministry of labor
and social affairs told a press conference on January 22 in Yerevan.

According to him, this system ensures a monthly payment (5 per cent
of salary) to citizens. Another 5% will be added to that amount,
provided that a wage would not surpass AMD 500 thousand.

"In this case, the maximum amount paid by the state, will reach AMD 25
thousand," Vazgen Khachikyan said. These funds will be transferred to
their personal accounts. Upon reaching the age of 63, the retirement
age in Armenia, a citizen can receive the accumulated money.

The pension will be paid monthly. The amount of payment will be
calculated based on the accumulated amount and the average life
expectancy of citizens. Today the average life expectancy of men is
70 years, and of women – 76.5 years in Armenia.

From: Emil Lazarian | Ararat NewsPress

Emil Lazarian

“I should like to see any power of the world destroy this race, this small tribe of unimportant people, whose wars have all been fought and lost, whose structures have crumbled, literature is unread, music is unheard, and prayers are no more answered. Go ahead, destroy Armenia . See if you can do it. Send them into the desert without bread or water. Burn their homes and churches. Then see if they will not laugh, sing and pray again. For when two of them meet anywhere in the world, see if they will not create a New Armenia.” - WS