CBA head: Stocker pension system introduction in Armenia to lay favorable groundwork for financial sector development
21.11.2007,
02:36
Stocker pension system introduction in Armenia will lay favorable groundwork for financial sector development, Tigran Sargsyan, chairman of the Central Bank of Armenia, said Tuesday in Yerevan State University.
YEREVAN, November 20. /ARKA/. Stocker pension system introduction in Armenia will lay favorable groundwork for financial sector development, Tigran Sargsyan, chairman of the Central Bank of Armenia, said Tuesday in Yerevan State University.
Speaking before students and professors, Sargsyan said that that the money accumulated by potential retirees will be sent to securities and bonds market for forming “long money”.
Sargsyan said that pension reform in Armenia is an important step intended for transition to stocker pension system.
“The greater is social tax collection the higher are pensions. After stocker pension system introduction, every worker will save up his own pension to ensure a secure old age without relying on the government”, he said.
It means all working citizens will start saving their retirement benefits from 2009.
The accumulated financial means will be run by professional managers. This will considerably enlarge the financial sector.
National Statistical Service of Armenia says there are 516535 pensioners in the country now.
Retirement benefit averages AMD 12.600. ($1 = AMD 318.36).--0--
Speaking before students and professors, Sargsyan said that that the money accumulated by potential retirees will be sent to securities and bonds market for forming “long money”.
Sargsyan said that pension reform in Armenia is an important step intended for transition to stocker pension system.
“The greater is social tax collection the higher are pensions. After stocker pension system introduction, every worker will save up his own pension to ensure a secure old age without relying on the government”, he said.
It means all working citizens will start saving their retirement benefits from 2009.
The accumulated financial means will be run by professional managers. This will considerably enlarge the financial sector.
National Statistical Service of Armenia says there are 516535 pensioners in the country now.
Retirement benefit averages AMD 12.600. ($1 = AMD 318.36).--0--
