Reforms in the Armenian pension system will be prolonged

Reforms in the Armenian pension system will be prolonged

armradio.am
15.08.2009 16:45

Reforms in the Armenian pension system will be prolonged. Since June 1
of 2010 the Armenian Republic must have passed to multi-grade pension
system, which suggests a new component, particularly – an accumulating
system.

Head of the State Service of Social Insurance of the Armenian Ministry
of Labor and Social Affairs Vazgen Khachikyan said today that the
reforms are purposeful to delay with a year connected with global
economic crisis.

Currently discussions are being conducted on that issue, in near future
the visit of international experts is expected, who will examine the
influence of the crisis on the Armenian pension system and specify the
purposeful time of carrying out reforms. The international experts
should present the results of their researches to the Armenian
government. By the initial data, they will arrive in Armenia at the end
of August or at the beginning of September.

Reforms to be carried out in the pension system will consist of 2 parts
– obligatory accumulating and voluntary systems. In the obligatory case
the people born in 1970 and hence, in the volunteer case – a citizen of
any age born till 1970 must be involved. The citizens may invest the
part of their salary in the stocks determined by the government. A
personal account should be opened for each citizen, where the money
will be accumulated.