Armenian pension funds have raised 124 billion drams
19.06.2018,
18:10
Two private Armenian pension funds have raised 124 billion drams since the introduction of mandatory funded pension system in 2014, Finance Minister Atom Janjughazyan told an extraordinary session of the parliament today.
YEREVAN, October 3. /ARKA/. Two private Armenian pension funds have raised 124 billion drams since the introduction of mandatory funded pension system in 2014, Finance Minister Atom Janjughazyan told an extraordinary session of the parliament today.
Armenian pensions funds are managed by AMUNDI-ACBA ASSET MANAGEMENT CISC and C-QUADRAT AMPEGA ASSET MANAGEMENT LLC.
According to the minister, some 70 billion drams of that amount are invested in the Armenian economy- 37 billion drams in government bonds, and 51 billion drams as bank deposits and corporate bonds. On June 7 the Armenian government decided to raise the government’s share in the social security payment tax from 5% to 7.5%.
Armenia's new pension system that took force on January 1, 2014 required that all Armenian citizens born after 1973 pay social security taxes equivalent to 5 percent of their monthly wages, which was to be matched and doubled by the government. Under the latest government-designed bill, citizens will have to pay social security taxes equivalent to 2.5% of their monthly income, down from 5%.
It is now mandatory for public sector employees only. The law is to become mandatory for private sector too starting from July 2018. - ($ 1 – 482.26 drams). --0--
Armenian pensions funds are managed by AMUNDI-ACBA ASSET MANAGEMENT CISC and C-QUADRAT AMPEGA ASSET MANAGEMENT LLC.
According to the minister, some 70 billion drams of that amount are invested in the Armenian economy- 37 billion drams in government bonds, and 51 billion drams as bank deposits and corporate bonds. On June 7 the Armenian government decided to raise the government’s share in the social security payment tax from 5% to 7.5%.
Armenia's new pension system that took force on January 1, 2014 required that all Armenian citizens born after 1973 pay social security taxes equivalent to 5 percent of their monthly wages, which was to be matched and doubled by the government. Under the latest government-designed bill, citizens will have to pay social security taxes equivalent to 2.5% of their monthly income, down from 5%.
It is now mandatory for public sector employees only. The law is to become mandatory for private sector too starting from July 2018. - ($ 1 – 482.26 drams). --0--
