New retirement pensions payment system is effective: Deputy minister

YEREVAN, February 29. /ARKA/. Artem Avetisyan, a deputy labor and social security minister, said today the decision to pay old-age and retirement pensions via plastic bank cards has proved its effectiveness.

He said about one hundred thousand of Armenian senior citizens receive now pensions by using plastic cards, ‘which indicates its effectiveness.’ He said the amounts are e transferred the citizens’ accounts every first day of each month. According to Asatryan, now from 3 to 4 thousand senior citizens apply to receive their pensions via cards. The service is available at about 20 banks.

He said last week the government decided that pensions for retired military must also be paid through the banking system. Asatryan also said citizens will have once a year to renew the existing agreement on the payment of pensions. 

If a pensioner is disabled and for some reason can not personally go to bank, his or her pension can be received by a relative as stipulated by the law.

The process of pension reform was launched in January 2011 through the introduction of a voluntary accumulative pension system. From January 1, 2014 it will become compulsory for all citizens born after January 1, 1974. -0-