Armenian president defends new pension reform

Armenian president defends new pension reform

YEREVAN, December 13. / ARKA /. Armenian president Serzh Sargsyan has backed today the introduction of mandatory funded pension system to be effective from 2014 January, saying he wants future pensioners to have a decent old age.

"To be honest, I often feel uncomfortable, ashamed, and believe it is high time to apologize to pensioners. We must introduce the new pension system so that future officials do not feel ashamed,’ Sargsyan said during a meeting with the leadership of the economy ministry.

The president said he hears different opinions on the pension reform. He urged all those who believe this reform is useful to be more active in advertising it.

Under the new pension plan to come into effect in January 2014, all Armenian citizens born after January 1, 1974 will have to transfer five percent of their nominal salaries to their personal retirement savings fund. The government promises to transfer as much every month, but no more than 25,000 drams ($62). -0-

19:28 13.12.2013

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