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SANDOYAN: TRANSITION TO OBLIGATORY FUNDED PENSION SYSTEM IMPOSSIBLE AMID POVERTY IN ARMENIA
YEREVAN, April 19. /ARKA/. Edward Sandoyan, the head of the
Russian-Armenian (Slavonic) University's Economy and Business Institute
and a former finance and economy minister, finds transition to the
obligatory funded pension system impossible amid poverty in Armenia.
Speaking today at Gaydar Readings in the Russian-Armenian (Slavonic)
University, he said that this is a bluff.
"It is impossible to create funded pension system in a country where
the majority of the population live in poverty and people's entire
income is spent on trivial consumption," he said.
Sandoyan said that even official statistical reports say that 35%
of the country's population live in poverty and the cost of leaving
in Armenia is higher than in Russia with living standards three
times lower.
He said that if our University's Economic School makes calculations
consumption minimum of AMD 53,000, taking into account nutrition
standards, we will see 60-percent poverty.
The pension system reformation started in Armenia on January 1,
2011 with introduction of a voluntary funded pension system.
On January 1, 2014, the funded pension system will be come obligatory
for all those born after January 1, 1974.
Yegor Gaidar was Russia's acting prime minister from 15 June 1992 to 14
December 1992. He is best known as the architect of the controversial
shock therapy reforms administered in Russia after the disintegration
of the Soviet Union.
The two-day Gaidar Readings were held April 19 at the Russian-Armenian
(Slavonic) University. They featured lectures, discussions, round
tables and seminars. The event was a joint project of Yegor Gaidar
Foundation. The organization of readings in Armenia was assisted
by the Gaidar Economic Policy Institute, the Russian-Armenian
(Slavonic) University and the Academy of National Economy and Public
Administration under the President of the Russian Federation. ---0---
From: A. Papazian
YEREVAN, April 19. /ARKA/. Edward Sandoyan, the head of the
Russian-Armenian (Slavonic) University's Economy and Business Institute
and a former finance and economy minister, finds transition to the
obligatory funded pension system impossible amid poverty in Armenia.
Speaking today at Gaydar Readings in the Russian-Armenian (Slavonic)
University, he said that this is a bluff.
"It is impossible to create funded pension system in a country where
the majority of the population live in poverty and people's entire
income is spent on trivial consumption," he said.
Sandoyan said that even official statistical reports say that 35%
of the country's population live in poverty and the cost of leaving
in Armenia is higher than in Russia with living standards three
times lower.
He said that if our University's Economic School makes calculations
consumption minimum of AMD 53,000, taking into account nutrition
standards, we will see 60-percent poverty.
The pension system reformation started in Armenia on January 1,
2011 with introduction of a voluntary funded pension system.
On January 1, 2014, the funded pension system will be come obligatory
for all those born after January 1, 1974.
Yegor Gaidar was Russia's acting prime minister from 15 June 1992 to 14
December 1992. He is best known as the architect of the controversial
shock therapy reforms administered in Russia after the disintegration
of the Soviet Union.
The two-day Gaidar Readings were held April 19 at the Russian-Armenian
(Slavonic) University. They featured lectures, discussions, round
tables and seminars. The event was a joint project of Yegor Gaidar
Foundation. The organization of readings in Armenia was assisted
by the Gaidar Economic Policy Institute, the Russian-Armenian
(Slavonic) University and the Academy of National Economy and Public
Administration under the President of the Russian Federation. ---0---
From: A. Papazian