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MINISTRY OF FINANCE: ABOUT 200 THOUSAND CITIZENS OF ARMENIA CAN USE ACCUMULATED PENSION SYSTEM
/ARKA/
November 26, 2010
YEREVAN
About 180-200 thousand citizens of Armenia can use accumulative pension
system, said Head of Financial Market Development Department of the
Armenian Ministry of Finance Karen Tamazyan in the press-conference
on Friday.
Armenia moves to multi-level accumulative pension system. Accumulative
component will be introduced in 2011 on voluntary basis and since
2014 it will be mandatory which will allow the future pensioner to
personally form the size of the future pension.
"In June 2010, Armenian National Assembly adopted legislative package
of more than 50 laws in the first reading by which the accumulative
pension system will be introduced. A number of discussions took
place from June till now, including participation of journalists,
deputies, representatives of trade unions and employers. More than
200 proposals were introduced which were summarized. The draft law
will be introduced by second reading in the nest Parliament meeting
(December 6-9 - ARKA)", said Tamazyan.
Mainly technical definitions were made in the draft law, in the result
of which clear mechanisms of functioning of volunteer and mandatory
components of accumulative system, the order of pension allocations
and order of pension allocations in cases when the citizen is working
in several places were defined.
Employees will pay 5% of their salary to accumulative account and
5% but not more than 25 thousand drams will pay the State. If the
citizens works in several places, they should pay the mentioned 5%
for only from one job place.
All the employees under 40, self-employed and farmers can use
accumulative pension system. Pensioners can choose a manager of
accumulated assets who will invest money in local and foreign
securities.
As of July 1, 2010 over 521.3 thousand pensioners live in Armenia.
Their average size of pension is 24 thousand 570 drams. ($1 - 360.3
drams).
From: A. Papazian
/ARKA/
November 26, 2010
YEREVAN
About 180-200 thousand citizens of Armenia can use accumulative pension
system, said Head of Financial Market Development Department of the
Armenian Ministry of Finance Karen Tamazyan in the press-conference
on Friday.
Armenia moves to multi-level accumulative pension system. Accumulative
component will be introduced in 2011 on voluntary basis and since
2014 it will be mandatory which will allow the future pensioner to
personally form the size of the future pension.
"In June 2010, Armenian National Assembly adopted legislative package
of more than 50 laws in the first reading by which the accumulative
pension system will be introduced. A number of discussions took
place from June till now, including participation of journalists,
deputies, representatives of trade unions and employers. More than
200 proposals were introduced which were summarized. The draft law
will be introduced by second reading in the nest Parliament meeting
(December 6-9 - ARKA)", said Tamazyan.
Mainly technical definitions were made in the draft law, in the result
of which clear mechanisms of functioning of volunteer and mandatory
components of accumulative system, the order of pension allocations
and order of pension allocations in cases when the citizen is working
in several places were defined.
Employees will pay 5% of their salary to accumulative account and
5% but not more than 25 thousand drams will pay the State. If the
citizens works in several places, they should pay the mentioned 5%
for only from one job place.
All the employees under 40, self-employed and farmers can use
accumulative pension system. Pensioners can choose a manager of
accumulated assets who will invest money in local and foreign
securities.
As of July 1, 2010 over 521.3 thousand pensioners live in Armenia.
Their average size of pension is 24 thousand 570 drams. ($1 - 360.3
drams).
From: A. Papazian