Updates
Press releases
06
03, 2010
At the working meeting conducted by the President of Armenia discussed were issues related to the reformation of the social retirement pension system
At the working meeting conducted by the President of Armenia discussed were issues related to the reformation of the social retirement pension system. The meeting was attended by the representatives of all relevant agencies.
President Sargsyan said that the system inherited from the Soviet times obviously is not adequate and does not meet the current needs; therefore reformation of the system is essential.
The Minister of Social Affairs of Armenia Artem Asatrian and the Deputy Finance Minister Vartan Aramian presented in detail the main directions of the reformation plan, stressing that the most important among them was the introduction of the retirement benefit accumulation fund. The fund will provide the retirees with the opportunity to live dignified and prosperous lives. They also noted that the proposed model has incorporated progressive world experience of pension system reformation and envisages the combination of the mandatory retirement benefit accumulation system with the principle of social justice.
Acknowledging the necessity and importance of the proposed reforms, the participants of the meeting at the same time presented their comments and observations, proposals and concerns.
Summing up the results of the meeting, President Sargsyan instructed the leadership of the relevant agencies to carry out additional studies and discussions regarding the voiced concerns, to give assessment of all possible risks, to create efficient safeguard mechanisms and to present a comprehensive report on the conducted works at the next working meeting.
The President of Armenia stressed the importance of introducing the essence of the reforms to the public, noting that it would be a significant component of success.
President Sargsyan said that the system inherited from the Soviet times obviously is not adequate and does not meet the current needs; therefore reformation of the system is essential.
The Minister of Social Affairs of Armenia Artem Asatrian and the Deputy Finance Minister Vartan Aramian presented in detail the main directions of the reformation plan, stressing that the most important among them was the introduction of the retirement benefit accumulation fund. The fund will provide the retirees with the opportunity to live dignified and prosperous lives. They also noted that the proposed model has incorporated progressive world experience of pension system reformation and envisages the combination of the mandatory retirement benefit accumulation system with the principle of social justice.
Acknowledging the necessity and importance of the proposed reforms, the participants of the meeting at the same time presented their comments and observations, proposals and concerns.
Summing up the results of the meeting, President Sargsyan instructed the leadership of the relevant agencies to carry out additional studies and discussions regarding the voiced concerns, to give assessment of all possible risks, to create efficient safeguard mechanisms and to present a comprehensive report on the conducted works at the next working meeting.
The President of Armenia stressed the importance of introducing the essence of the reforms to the public, noting that it would be a significant component of success.