Parliament to convene hearings on pension reform
18.09.2010,
20:18
The Armenian National Assembly (parliament) said it will hold parliamentary hearings Wednesday on a draft law on pensions.
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-
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-
