Parliament to convene hearings on pension reform

Parliament to convene hearings on pension reform

YEREVAN, September 18, /ARKA/. The Armenian National Assembly
(parliament) said it will hold parliamentary hearings Wednesday on a
draft law on pensions.

The hearings are initiated by a committee on social issues. The bill,
designed to shift to the so-called accumulative pension, was pushed
through in the first reading.

Under the new scheme the amount of retirement pension is supposed to
grow to 50% of an average national wage. Any potential pensioner will
have to pay 5% of its monthly income to the Pension Fund. The
government will add to it a similar amount.
The pension reform calls for shifting to a multi-stage pension system
to be made of two components- government distributive and private
accumulative. The passage to voluntary accumulative system is expected
in 2011 and to the mandatory accumulative in 2014.-0-

From: A. Papazian