Friday, September 14 2012 15:29
USAID sums up on three-year programme on pension reforms and labour market of Armenia
Arminfo. Over today's forum in Yerevan USAID sumed up on the three-year PALM programme in Armenia. As USAID PALM Project COP Rosa Chiappe said at the forum, that at present Armenia has all the needed conditions for smooth transition to the pension funded system, which will be implemented in the country at the beginning of 2014.
She assured that the government of Armenia has taken all the necessary steps for effective implementing of the new system. She also added that participation of Armenian Central Bank in the reform is a very much important condition.
When commenting on criticizing of the pension reforms by the opposition, she said that at present the new system has been implemented in many countries of the world. She also added there is no doubt that the new system positively affects economy and assured that the government of Armenia has been taking into consideration any remarks of the opposition.
For his part, Vardan Aramyan, RA Deputy Minister of Finance, assured journalists that the new pension system may very much effectively function in the conditions of not so much well developed market of capital as well. The new pension system will promote development of bond market and new investment instruments, just the same way as it took place in many countries of the world that have passed the way of the pension reforms.
To note, about 260 thsd Armenian citizens will take part in the new pension system. The size of their pension assets will amount to about $120 mln during the first year.
In 2011 Pension System Awareness Center foundation was formed in compliance with RA Government decree. The goal of the foundation is to carry out large-scale public awareness and to present the pension reforms to the population. This system could be productive for those people who would dispose of necessary financial knowledge and would be able to manage their accumulated funds properly. For this reason numerous events will be organized intended for raising the financial literacy level. The participants of the events should also contribute to the dissemination of the knowledge.
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