European specialists to share experience in pension appropriation with Armenian colleagues

YEREVAN, March 26. /ARKA/. European specialists are ready to share their experience in pension apportionment with Armenian colleagues on the seminar- consultation, held in Yerevan, March 26-27

“ Pension reform is actively being implemented in Armenia and discussions in this format give an opportunity to analyze the carried activities and compare them with the best international experience,” Armenia’s Minister of Labor and Social Affairs Artur Grigoryan said at the seminar opening. 

He said Armenia mainly seeks to focus on European experience in pension appropriation at the crisis and post-crisis period, in particular, financial and economic crisis risk management.

“We also prioritize EU experience in mandatory funded pension system as we are going to embed the same system in Armenia in 2014,” Grigoryan said. 

Head of the EU Delegation to Armenia, Ambassador Traian Hristea, in turn, clarified that within these two-days pension systems of Belgium, Germany, Great Britain, Estonia, Czech Republic and Hungary will be presented. 

The ambassador said that European specialists will share their best experience and help in working out financial strategy for the pension reform in Armenia. 

Secretary General of Estonia’s Ministry of Finance Veiko Tali said Armenia and Estonia have almost the same total territory size and are similar in development dynamics, thus Estonia can instruct Armenian side, in particular, to manage risks and implement mandatory funded pension system. 

He said Estonia launched the pension reform in 1997, and implemented mandatory funded pension system in 2002. 

The process of pension reforms was kicked off in Armenia on January 1, 2011, by embedding voluntarily funded pension system. Mandatory funded pension system is expected to be implemented since January 1, 2014 and will refer to all the citizens, born after January 1, 1974.-0-