Armenian minister upbeat on new pension scheme

Mediamax news agency
10 May 05

YEREVAN

The introduction of the new pension system in Armenia will make it
possible to provide decent pensions to the republic’s citizens,
Armenian Minister of Labour and Social Security Agvan Vardanyan said
in Yerevan today.

Speaking at a briefing in Yerevan today, the minister said that the
concept of the new pension system adopted by the government is based
on three main concepts:

– provision of state pensions (may apply to disabled citizens who are
unable to work for health reasons);

– ensuring of state accumulation (payments to the Pension Fund are
directly connected with the size of the future pensions);

– provision of voluntary pensions (apart from obligatory payments,
voluntary payments are made in order to increase the size of the
future pension).

Agvan Vardanyan said that the introduction of the new pension system
will make it possible to considerably increase the average pension in
Armenia, which currently equals 10,000 drams (22 dollars).