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COMPULSORY PENSION ACCUMULATION: BITTER EXPERIENCE AND NO PROSPECTS
17:09 ~U 25.11.13
It is common knowledge that 50% of Armenia's economy is in the shadow,
Chairman of the Consumer Association of Armenia Armen Poghosyan
told journalists on Monday as he spoke of the compulsory pension
accumulation system.
The "revolution" in Armenia's pension system was launched as far back
as 2008.
"We should speak of the correlation between voluntary pension
accumulation and compulsory pension accumulation. Why no information
on the voluntary system, on the accumulated funds and prospects is
available for us to know if it is the right time for switching over
to the compulsory system?"
The question is whether the accumulated funds will serve the intended
purpose in 30 years, Mr Poghosyan said.
"We have bitter experience - our parents' money has been lost as well.
We know now that the ex-head of the pension fund and his assistants
are in jail. So who are we trusting?"
"The bank exists as long as the government does. We must know who
guarantees. The current government may not exist tomorrow. We have
seen it many a time!" Mr Poghosyan said.
Armenian News - Tert.a
17:09 ~U 25.11.13
It is common knowledge that 50% of Armenia's economy is in the shadow,
Chairman of the Consumer Association of Armenia Armen Poghosyan
told journalists on Monday as he spoke of the compulsory pension
accumulation system.
The "revolution" in Armenia's pension system was launched as far back
as 2008.
"We should speak of the correlation between voluntary pension
accumulation and compulsory pension accumulation. Why no information
on the voluntary system, on the accumulated funds and prospects is
available for us to know if it is the right time for switching over
to the compulsory system?"
The question is whether the accumulated funds will serve the intended
purpose in 30 years, Mr Poghosyan said.
"We have bitter experience - our parents' money has been lost as well.
We know now that the ex-head of the pension fund and his assistants
are in jail. So who are we trusting?"
"The bank exists as long as the government does. We must know who
guarantees. The current government may not exist tomorrow. We have
seen it many a time!" Mr Poghosyan said.
Armenian News - Tert.a