AT THE WORKING MEETING CONDUCTED BY THE PRESIDENT OF ARMENIA DISCUSSED WERE ISSUES RELATED TO THE REFORMATION OF THE SOCIAL RETIREMENT PENSION SYSTEM

president.am
March 9 2010
Armenia

At the working meeting conducted by the President of Armenia discussed
were issues related to the reformation of the social retirement
pension system. The meeting was attended by the representatives of
all relevant agencies.

President Sargsyan said that the system inherited from the Soviet
times obviously is not adequate and does not meet the current needs;
therefore reformation of the system is essential.

The Minister of Social Affairs of Armenia Artem Asatrian and the
Deputy Finance Minister Vartan Aramian presented in detail the main
directions of the reformation plan, stressing that the most important
among them was the introduction of the retirement benefit accumulation
fund. The fund will provide the retirees with the opportunity to live
dignified and prosperous lives. They also noted that the proposed
model has incorporated progressive world experience of pension system
reformation and envisages the combination of the mandatory retirement
benefit accumulation system with the principle of social justice.

Acknowledging the necessity and importance of the proposed reforms,
the participants of the meeting at the same time presented their
comments and observations, proposals and concerns.

Summing up the results of the meeting, President Sargsyan instructed
the leadership of the relevant agencies to carry out additional studies
and discussions regarding the voiced concerns, to give assessment
of all possible risks, to create efficient safeguard mechanisms and
to present a comprehensive report on the conducted works at the next
working meeting.

The President of Armenia stressed the importance of introducing
the essence of the reforms to the public, noting that it would be a
significant component of success.

From: Emil Lazarian | Ararat NewsPress