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Reforms in the Armenian pension system will be prolonged

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  • 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.
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