Founder Of Chile’s Private Pension System Hosted By Armenian Prime M


/ ARKA /
May 24, 2011

YEREVAN, May 24, /ARKA/. Jose Piñera, the founder of Chile’s private
pension system was hosted May 23 at the Office of Armenian Government.

He has arrived in Armenia at the invitation of Prime Minister Tigran
Sargsyan, the government press office reproted.

After meeting with Jose Piñera, the Prime Minister greeted the heads
of the agencies concerned in attendance and made the following remarks:
“The architect of Chile’s private pension system is in Armenia to share
his country’s experience. Indeed, he will refer to those issues of
concern to the public in the Republic of Armenia – logic of pension
reform, reliability and profitability of mobilized resources – in
order our citizens rest assured that their contributions will not be
pulverized over time. In a word, all those issues subject to heated
debates in the Armenian Parliament had already been discussed in
Chile. But Chile’s experience may help us get a better understanding
of the challenges and hardships faced, as well solutions found all
the way through the process of pension reform.”

Thanking Tigran Sargsyan for the invitation, Jose Piñera mentioned
that while this is his first-ever visit to Armenia, he has always
been interested in our country’s history. Chileans were said to have
marked the 30th anniversary of pension reform on the International
Workers Day – May 1, 2011 – which in his words had a special meaning.

By noting that the pension reform influences all the other reforms,
the guest went on to present the details of his country’s reform of
30 year standing.

As the main results of the Chilean reform, Jose Piñera singled out
the safety and adequate profitability of mobilized funds, as well as
the expansion of the capital market and the speeding up of growth.

During the exchange of opinions that followed, the guest was asked
questions on raised funds’ safety and guarantees, as well as on public
awareness and outreach efforts. By the way, the meeting was attended
by the Georgian Minister of Employment, Healthcare and Social Affairs
and his deputy.

Summing up the meeting, Prime Minister Sargsyan thanked Jose Piñera
for interesting talks and remarks.

Tthe pension reform has already started in Armenia. As of January 1,
2011, the funded pension system is effective which may be joined by
any citizen of one’s own free will. Beginning from January 1, 2014
the mandatory funded system will come into force to be binding for
all citizens born after January 1, 1974.