Deputy Minister: New Accumulative System Will Be Effective And Fair

DEPUTY MINISTER: NEW ACCUMULATIVE SYSTEM WILL BE EFFECTIVE AND FAIR IN ARMENIA

ARKA
Feb 15, 2010

YEREVAN, February 15. /ARKA/. Introduction of new accumulative system
will be effective and fair in Armenia, said Vardan Aramyan, Deputy
Minister of Finance on Monday.

"Current Armenian pension system does not give opportunities of worthy
social protection to the citizens", said Aramyan.

It is ineffective and as in the whole world it goes to deficit.

New accumulative pension system will help the citizens to take care
of their future and make career.

Introduction of new accumulative pension system will assist in the
development of financial market, reduce percent rates and the employees
will require to mention their real salary in payment sheets as their
pension will depend on it.

New reforms envisage multistage pension system composed of two main
components – state distributive and private accumulative.

The main direction of this program is improvement of status of
pensioners and connection of pension and salary via introduction of
mandatory accumulative pension system.

Today 520 thousand pensioners are registered in Armenia from which 470
thousand get insurance or working pension and 50 thousand pensioners
whose working career is not more than 5 years.

You may also like