NEW PENSION SYSTEM TO BE INTRODUCED

YEREVAN, APRIL 2, ARMENPRESS: Armenian social security ministry has developed in concert with a government-affiliated Securities Commission a bill on introduction of a voluntary pension insurance system and a non-government pension fund.

Details of the bill were discussed today at a seminar with participation of businessmen, who were also expected to articulate their remarks and proposals. Social security minister Razmik Martirosian said that the non-governmental pension system will act side by side with state pension system. The voluntary pension system is a new institution in Armenia and its full establishment will require some time. Martirosian said some big companies, for instance the French-owned Pernod Riccard are trying to introduce this system, but the absence of a related legislation creates some problems.

Under the voluntary pension system the employee will receive the entire amount of his invested money either as a will or a legacy. Martirosian said the bill is expected to be approved by parliament in autumn.