New pension scheme was former government’s biggest mistake, American Armenian millionaire says

New pension scheme was former government’s biggest mistake, American Armenian millionaire says

YEREVAN, April 7. / ARKA /. An American-Armenian millionaire, Vahagn Hovnanian, surmised today that the biggest mistake of Armenia’s now ex Prime Minister Tigran Sargsyan was to press ahead with mandatory funded pension system despite the mounting opposition to it.

Speaking at a news conference today in Yerevan, Vahagn Hovnanian said although he had not looked into the pension issue deep he believes that the law had too many faults.

 ‘If you deduct even one percent of Armenian citizens’ wages they would feel it, let alone deducting 5 percent. Such a law could be acceptable if people earned much more. This country has not progressed for several years in a row and eventually the citizens began too disappointed," he said. 

Tigran Sargsyan's resignation was announced on April 3 after six years in office.

Asked who should become next prime minister the businessman said it should be a man who would be able to help businesses.

 “The banks’ interest rates are so high that people are afraid to seek loans to start a business. There is rampant unemployment making Armenians to seek jobs in other countries. Every change has its positive sides. Let us hope that the new prime minister will take into account the errors of his/her predecessor,” he said.

According to Hovnanian, there are so many problems in the country, and the authorities need to find urgent solutions.

"Taxes are very high. The people’s blood is being sucked out. Everyone must work legally. There are laws, but they do not work," he added. -0-

15:21 07.04.2014

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