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The future of retirement: choices for later life
... provide regular support to their grown-up children, a similar number of working age people (21%) think it is better to spend all their money and let their children generate their own wealth. The global urge to spend is highest among those closest to retirement, with 25% of those aged 55-64 preferring to enjoy all their money and fewer than 8% believing it is better to save as much as possible for the next generation. However, these are also among the respondents most likely to have weathered significant ...
05/12/2015People in their 30s and 40s face biggest financial pressure of any age group, according to new research from HSBC
People in their 30s and 40s face the biggest financial pressure of any age group, according to new research from HSBC’s long-running study, The Future of Retirement. YEREVAN, August 15. /ARKA/. People in their 30s and 40s face the biggest financial pressure of any age group, according to new research from HSBC’s long-running study, The Future of Retirement. The survey of over 18,000 working age ...
08/15/2016HSBC report reveals the reasons behind desire to retire
An HSBC Group report called The Future of Retirement Healthy New Beginnings reveals that 65% of pre-retirees aged 45 and over would like to retire within the next five years if circumstances allowed, but 38% of these say they are unable to do so. YEREVAN, February 15, /ARKA/ An HSBC Group ...
02/15/2016How choosing an account can help you reach your financial goal
... mutual funds, exchange-traded funds, and securities. Funds withdrawn from a health savings account are not subject to taxes or penalties. People who own health insurance with a high threshold contribution of at least $1400 are eligible to open HSAs. Retirement Account Plans A 401(k) is an investment retirement account into which employees in the United States can contribute a portion of their earnings before taxes. In this way, the amount of taxable income is reduced and savings are constantly ...
03/21/2024High-paid workers in Armenia will be offered to postpone retirement - Ministry of Social Affairs
Highly skilled workers of retirement age with monthly salaries of 300,000 drams ($740) and above will be offered to postpone retirement, Armenian Minister of Labor and Social Affairs Narek Mkrtchyan said on Wednesday. YEREVAN, January 11. /ARKA/. Highly skilled workers of ...
01/11/2024Investments for specific purposes: retirement planning and education
... the ways to take care of your own future, to support your children and to avoid financial dependence is investing. Investing will be effective if it is aimed at achieving goals that are meaningful and understandable to you. These include planning for retirement and paying for education YEREVAN, January 17. /ARKA/. One of the ways to take care of your own future, to support your children and to avoid financial dependence is investing. Investing will be effective if it is aimed at achieving goals ...
01/17/2024RETIREMENT BENEFITS TO GROW 50% IN 2008-2012
Retirement benefits are to grow 50% over a period between 2008 and 2012, Armenian Finance and Economy Minister Vardan Khachatryan said Wednesday. YEREVAN, September 3. /ARKA/. Retirement benefits are to grow 50% over a period between 2008 and 2012, ...
09/04/2007Armenia’s new retirement plan embraces around 100,000 people- minister
The Armenian national retirement plan enforced by the government earlier this year is embracing about 100,000 public sector employees, social security and labor minister Artem Asatryan told the final news conference this year. YEREVAN, December 23, / ARKA /. The Armenian ...
12/23/2014USAID: risks in introduction of defined contribution retirement scheme in Armenia minimal
Risks in introduction of accumulative pension system (defined contribution retirement scheme) in Armenia are minimal, USAID Pension and Labor Market Program (PALM) COP Rosa Chiappe said Friday in Yerevan on the sidelines of a conference focused on labor and pensions. YEREVAN, September 14. /ARKA/. Risks in introduction of ...
09/14/2012IMF tells Russia to raise retirement age by 2030
The International Monetary Fund (IMF) thinks the retirement age in Russia should be raised to 63 years for both men and women, IMF Advisor Antonio Spilimbergo said on Wednesday, as RIA Novosti reports. YEREVAN, June 13. /ARKA/. The International Monetary Fund (IMF) thinks the retirement age in Russia ...
06/13/2012Retirement age in Armenia to remain the same: minister
Retirement age in Armenia will remain the same, Ministry of Labor and Social Affairs Artur Grigoryan said on Monday. YEREVAN, March 26. /ARKA/. Retirement age in Armenia will remain the same, Ministry of Labor and Social Affairs Artur Grigoryan ...
03/26/2012VTB Bank (Armenia) clients to receive their pensions before second working day of month
As a leading bank in Armenia in terms of payment of pensions and other government-funded allowances and payments and also aiming to provide the most comfortable service to its clients of retirement age, VTB Bank (Armenia) ensures that pensions are paid before the 2nd working day of each month from its own resources, while on the eve of the New Year holidays, the pensions are paid on December 31st. YEREVAN, September 14. /ARKA/. As a ...
09/14/2021Armenian pensions and social allowances will increase in 2020
In 2020, the size of retirement and social pensions as well as the size of social allowances will increase, Labor and Social Affairs Minister Zaruhi Batoyan said today when speaking at a parliamentary discussion on the draft state budget for next year. YEREVAN, November ...
11/01/2019Pensions to be paid in Armenia on January 3 to 5 regardless of long New Year holidays
... December 11. /ARKA/. January pensions will be paid in Armenia on January 3 to 5 regardless of long New Year holidays, Armenian Labor and Social Affairs Minister Artem Asatryan said today. In accordance with the 2015 government budget, an average retirement pension will rise 14% to AMD 41,000 from the present AMD 36,000. The size of basic pension will be increased from the current AMD 14,000 to AMD 16,000, and extra payments for work record will range from 700 to 800 drams per every year ...
12/11/2014USAID: defined contribution retirement scheme to help Armenia avoid crises
Accumulative pension system (defined contribution retirement scheme) in Armenia will make it possible to avoid crises caused by insufficient budget funds, Rosa Chiappe, chief of the Pension and Labor Market Reform Project of the USAID, said Wednesday at a USAID-organized seminar focused on pension system ...
07/11/2012Armenian parliament votes to raise retirement pensions of judges, prosecutors and investigators
Armenia’s National Assembly has approved today in the first reading a set of amendments to the law on social security of persons holding public office, which call for raising the size of retirement pensions of judges, prosecutors and investigators. YEREVAN, March 2. /ARKA/. Armenia’s National Assembly has approved today in the first reading a set of amendments to the law on social security of persons holding public office, which call ...
03/02/2022Tigran Jrbashyan: for 30 years we have been building a "kingdom of crooked mirrors." If we don't think strategically, we can lose the country.
... name of solving a problem that will happen in 3-4 years, then it will be possible to say that society has matured. A striking example: according to my data, in 2023 we will have a crisis of the pension system, since the number of people who enter the retirement age in two years will increase sharply due to demographic cycles, and the number of the working population will decrease. Is our society ready today to admit that it has no alternative and that it is necessary to raise the retirement age? Is ...
03/04/2021Armenian parliament passes bill implying dismissal of Constitutional Court chairman and retirement of three members
The National Assembly of Armenia passed Monday a bill implying the dismissal of Hrayr Tovmasyan as chairman of the Constitutional Court and the retirement of three members of the court who have served for more than twelve years. A new chairman will be chosen after these three retirees are replaced with new members of the court. The new-elected judges, too, are eligible to assume chairmanship....
06/23/2020AMUNDI ACBA ASSET MANAGEMENT: six years in Armenia
... pension funds. According to him, the main reason for coming to Armenia was the funded pension system, which is interesting and innovative. “It is interesting because it includes a social component, allowing workers in Armenia to plan their future retirement through asset management. Of course, at 30, it seems that thinking about retirement is early, because there is a lot of time ahead, but we can see a number of difficulties in those countries which haven’t done anything to resolve pension ...
02/20/2020Armenian lawmakers pass bill proposing early retirement to Constitutional Court members
The National Assembly of Armenia gave Wednesday its final approval to a bill amending the law on the Constitutional Court. On November 14, the Armenian government decided to allocate AMD 630 million from the government budget to propose early retirement to the current members of the Constitutional Court with a pension equal to their present salaries. The deadline for retirements on the proposed condition is January 31, 2020. YEREVAN, December 11. /ARKA/. The National Assembly of Armenia ...
12/11/2019Retirement pensions in Armenia will increase by 15 percent on average from January 1, 2015
Retirement pensions in Armenia will increase by 15 percent on average from January 1, 2015, the first deputy head of the State Social Welfare Service Smbat Sairyan told a news conference today. He said the rise will cover in the first place the lowest ...
08/04/2014No pension rise in 2013: Minister
Armenia’s labor and social security minister Artem Asatryan said a provisional version of the draft state budget for 2013 does not provide for increase in retirement pensions. YEREVAN, September 14. / ARKA /. Armenia’s labor and social security minister Artem Asatryan said a provisional version of the draft state budget for 2013 does not provide for increase in retirement pensions. "The draft ...
09/14/2012New retirement pensions payment system is effective: Deputy minister
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. 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 ...
02/29/2012Rise of pensions will not affect senior citizens: minister
Armenian pensioners will not be deprived of their social benefits because of a 20% rise in their retirement pensions, labor and social security minister Artur Grigoryan said today after a Cabinet session that approved a rise in pensions and social benefits effective from January 1, 2012. YEREVAN, December 29. /ARKA/. Armenian pensioners will not ...
12/29/2011Armenian cabinet approves rise in pensions and social benefits
The Armenian government has approved today a rise in retirement pensions and social benefits which will come into force from January 1, 2012. YEREVAN, December 29. /ARKA/. The Armenian government has approved today a rise in retirement pensions and social benefits which will come into force from January ...
12/29/2011Bank VTB (Armenia) has paid old-age and retirement pensions to 7,444 senior Armenian citizens
Since April 4 Bank VTB (Armenia) has paid old-age and retirement pensions to 7,444 senior Armenian citizens who have agreed to receive their benefits through this bank. YEREVAN, April 11, /ARKA/. Since April 4 Bank VTB (Armenia) has paid old-age and retirement pensions to 7,444 senior Armenian citizens ...
04/11/2011Retirement pensions will be paid only by Armenian Post and commercial banks until pensioners lists specified
Prime minister Tigran Sarkisian said today old-age and retirement pensions will be paid only by Haypost (Armenian Post) and commercial banks until the lists of all pensioners across the country are specified after his Cabinet passed a decision today to su YEREVAN, March 24, /ARKA/. Prime minister Tigran ...
03/24/2011Pension increase not planned in Armenia in 2024, minister says
... bank cards. However, the amount of the cashback cannot be more than 5,000 drams per month. According to the minister, this is also a "peculiar" increase in pensions. Currently, the minimum pension in Armenia is 36,000 drams ($88), and the retirement age for women and men is 63. --0--
01/10/2024Bright Armenia to file appeal disputing parliament-passed legislative changes to Constitutional Court
The Bright Armenia Party intends to appeal to the Constitutional Court on the amendments to the Constitution passed by the National Assembly, which imply the dismissal of the chairman of the Constitutional Court and retirement of its three members who have served for more than twelve years. YEREVAN, June 24. /ARKA/. The Bright Armenia Party intends to appeal to the Constitutional Court on the amendments to the Constitution passed by the National Assembly, which ...
06/24/2020Pensions in Armenia to rise by 10 percent starting 2020
Old-age and retirement pensions as well as other government-paid allowances will increase in Armenia starting 2020, Labor and Social Affairs Minister Zaruhi Batoyan said during a government meeting on Thursday. YEREVAN, December 26. /ARKA/. Old-age and retirement ...
12/26/2019Deputy defense minister of Artsakh resigns
... (Nagorno-Karabakh) President Bako Sahakyan signed a decree dismissing Major General Samvel Karapetyan as deputy defense minister. According to Artsakh presidential press service, Karapetyan was dismissed according to his own application in connection with reaching retirement age. Earlier on Tuesday, Karapetyan said in an interview that he had resigned. -0-
04/02/2019California State Assembly votes to divest from Turkey
... successfully securing resolutions from all nine campuses of the University of California and for working with us side by side to educate our elected representatives and to mobilize our grassroots.” AB 1597 prohibits the boards of the California Public Retirement System (CalPERS) and California State Teachers’ Retirement System (CalSTRS) from making additional or new investments, or renewing existing investments issued, owned, controlled, or managed by the government of Turkey. The measure notes that ...
06/02/2017Armenia has over 200,000 officially registered people with various disabilities
... to prove their disability. He also noted that 10,268 people are first category disabled, 80,328 - second, and 101,780 are third category disabled. "The distribution by age groups as follows. 26,122 are aged from 18 to 40, 100,922 – from 40 to retirement age, and 65,403 are of the retirement age or older,' said Soghoyan. He said also 31.4% of all persons with disabilities suffer from cardiovascular diseases, 10.8% - from mental disorders, 8.1% - from malignant tumors, 7.9% - from diseases of ...
02/02/2016Armenian opposition to challenge new pension scheme at highest court again
Armenian parliamentary minority is going to ask the country’s highest Constitutional Court again to recognize the controversial national retirement plan effected by the government as ‘unconstitutional,” Artsvik Minasyan from the Armenian Revolutionary Federation (ARF) said today. YEREVAN, September 9. / ARKA /. Armenian parliamentary minority is going to ask the country’s ...
09/09/2014Armenian citizens employed abroad to get minimum pension only – minister of labor
Armenian citizens who are employed abroad and will not work in Armenia by the retirement age, will be entitled to a minimum pension only, Armenian minister of labour and social affairs Artem Asatryan said in the parliament. YEREVAN, June 20. /ARKA/. Armenian citizens who are employed abroad and will not work in Armenia by ...
06/20/2014Former MP says pension reform will not work in a country plagued with dire problems
... effective from January 1. It requires that all Armenian citizens under the age of 40 pay more social security taxes. More precisely, all citizens born after January 1, 1974 will have to transfer five percent of their nominal salaries to their personal retirement savings funds. The government promises to transfer as much every month, but no more than 25,000 drams ($62). "The so-called pension reform is absurd, illogical in essence and can not work in the current socio-economic situation,’ he ...
01/17/2014Prime minister says introduction of mandatory funded pension system can not be delayed
... minimum consumer basket will require additional 270 billion drams, which is an excessive burden given that 500,000 citizens in Armenia today pay flat tax and that revenue collection can be improved only by increasing the income tax or changing the retirement age. Sargsyan also said that Armenia is considered an aging country, since about 15 % of its population is older than 60, and in the next 10 years the number of retirees will increase significantly. Under the new pension plan to come into effect ...
12/12/2013Almost 80 % of Armenian lawmakers never read pension reform bill
... Revolutionary Federation/Dashnaktsutyun (ARF) claimed today. Under the new pension plan to come into effect in January 2014, all Armenian citizens born after January 1, 1974 will have to transfer five percent of their nominal salaries to their personal retirement savings fund. The government promises to transfer as much every month, but no more than 25,000 drams ($62). Critics of the law describe it as “anti-constitutional”, saying it restricts citizens’ freedom to administer their ...
11/22/2013Pension rise to bring down the number of poor Armenians by about 32,000 - prime minister
The rise in retirement and old age pensions to come into force from 2014 January will bring down the number of poor Armenians by about 32,000, Prime Minister Tigran Sargsyan said Monday at a parliament discussion on the next year’s draft budget. YEREVAN, ...
10/28/2013Haypost recovers 21 billion drams
Armenia’s National Postal Service HayPost said it has recovered this year 21 billion drams after specifying the lists of senior people eligible to old-age and retirement pensions. YEREVAN, December 12/ARKA/. Armenia’s National Postal Service HayPost said it has recovered this year 21 billion drams after specifying the lists of senior people eligible to old-age and retirement pensions. In a press released ...
12/12/2011WB: government reforms enhance economic opportunities for women, but greater strides needed
... restrictions on women. None of these economies restrict a woman’s ability to sign a contract, open a bank account, travel abroad or manage her property. In these economies only labor regulations are gender differentiated. However, gender differentiated retirement ages are very prevalent in this region. Out of the 23 economies in the region, only Armenia, Bosnia and Herzegovina, Kosovo, and Latvia do not have gender differentiated retirement ages. This region is also more likely to give better access ...
09/27/2011Armenian ministry saves 7.4 billion drams after purifying list of pensioners and families eligible to poverty benefits
The Armenian ministry of labour and social security has saved about 7.4 billion drams in the first half of 2011 after cutting the lists of people eligible to old-age and retirement pensions and poverty benefits. YEREVAN, July 25. / ARKA /. The Armenian ministry of labour and social security has saved about 7.4 billion drams in the first half of 2011 after cutting the lists of people eligible to old-age and retirement ...
07/26/2011Single information system developed to streamline use of data required for payment of pensions
The labor and social welfare ministry has developed a single information system that will be applied to streamline the use of data which are required for payment of old-age and retirement pensions, labor and social welfare minister Arthur Grigorian said t YEREVAN, March 28. / ARKA /. The labor and social welfare ministry has developed a single information system that will be applied to streamline the use of data which are required ...
03/29/2011Armenian pensioners living abroad could get their pensions abroad
Chairman of a parliament committee on social issues, Hakob Hakobian, said today a package of proposed changes to some of Armenian laws would remove a ban on paying old-age and retirement benefits to citizens absent from the country. YEREVAN, September 24, /ARKA/. Chairman of a parliament committee on social issues, Hakob Hakobian, said today a package of proposed changes to some of Armenian laws would remove a ban on paying ...
09/24/2010Armenian lawmakers reduced former presidents’ privileges
... these contradictions, the minister singled out the post of vice-president that was mentioned in the law, while the Constitution and state legal system don’t envisage such a position. The amendments also changed the rules of setting presidential retirement benefit. In particular, the ex-president will receive retirement benefit equal to 80% of his salary in office, exempting cases of impeachment. Before that, ex-presidents were paid 75% of their salaries. The pension is not paid to a former ...
05/01/2008CBA head: Stocker pension system introduction in Armenia to lay favorable groundwork for financial sector development
... 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 ...
11/21/2007Yerevan's public transport revolution: What passengers can expect in 2025
... in Yerevan, regardless of their place of residence. Free transport for students who have lost one parent or are orphans. Free transport for individuals with 1st and 2nd degree disabilities. Free transport for children from orphanages and residents of retirement homes, as well as individuals receiving government benefits and assistance. 20% discount for heroes of the former USSR, Social Labor heroes, national heroes of Armenia, and holders of the Order of Glory. Free transport for parents of large ...
12/20/2024What is a risk profile and how it relates to investment strategy
... recover capital in the event of an unsuccessful investment. Second, over the long term, returns on aggressive instruments grow, offsetting drawdowns and outpacing inflation. Older investors usually invest with the goal of earning additional income for retirement in the coming years. They seek to avoid the risk of any losses and invest in instruments with not the highest but guaranteed returns. Qualifications An investor with knowledge and transaction experience is more prepared for an aggressive ...
04/23/2024Armenian parliament passes major package of amendments to Labor Code
... two years of age. If desired, women can dispose of this time on their own, for example, to come to work later or to leave earlier. Another change removes from the Labor Code a clause that allows employers to terminate contract with employees who reach retirement age. The current Labor Code does not allow concluding open-ended contracts with pensioners - this point is abolished too. Additional social guarantees are provided to servicemen wounded in the course of combat operations, as well as to families ...
05/03/2023Armenian National Assembly committee approves sweeping amendments to Labor Code
... age. If desired, women can dispose of this time on their own, for example, to come to work later or to leave earlier. Another change calls for removing from the Labor Code a clause that allows employers to terminate contract with employees who reach retirement age. The current Labor Code does not allow concluding open-ended contracts with pensioners - this point is to be abolished too. Additional social guarantees are provided for servicemen wounded in the course of combat operations, as well as ...
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