Reforms in the pension system urgent

armradio.am
06.03.2010 13:39

Issues related to the reformation of the pension security system were
discussed during the consultations at the President’s Office,
featuring the heads of all interested agencies.

President Sargsyan said the system inherited from Soviet times does
not meet the requirements of the time, therefore there is an urgent
necessity to reform the sphere.

Deputy Minister of Social Security Artem Sargsyan and Deputy Minister
of Finance Vardan Aramyan presented the primary directions of the
program of reforms, stressing that the most important is the
introduction of the accumulation system, which will ensure the welfare
of the citizens after retirement.

According to them, the proposed model has taken into consideration the
experience of pension reforms of the contemporary world.

Summing up the results of the consultations, President Sargsyan
instructed the heads of corresponding agencies to hold discussions on
the issues discussed, assess the risks, work out clear guarantee
mechanisms.

The Head of State emphasized the necessity of the reforms, noting that
they could serve as an important guarantee of success.