CIPS: Participants in the pension savings component are given the opportunity to receive a higher pension

ArmInfo. Participants in the pension savings component (PNA), whose wages  exceed 500,000 drams, will be able to receive a higher pension in the  future, submitting an application for the non-application of the  maximum amount of social fees. This was reported by the press service  of the Center for Informing the Pension System (CIPS).

Henceforth, a participant of the PNA instead of the current social  monthly payment of 25 thousand AMD, after submitting an application  transfers funds, the amount of which, taking into account credited  state subsidies in the amount of 10% of its income.

"Under the new order, the participants of the funded component are  given the opportunity to form the size of the social payment  corresponding to their income and in the future to receive a higher  funded pension," the official statement of the CIPS says.

According to the source, starting from the spring of 2018, PNA  participants through their employer can submit an application to the  tax authority and refuse to apply the maximum social security limit.  For example, if the salary is received in the amount of 600 thousand  AMD, the participant, after submitting the relevant application, must  transfer the social payment in the amount of 35 thousand AMD. Thus,  every month the participant accumulates 60 thousand drams for his  future pension, instead of the current funded pension of 50 thousand  AMD.

Meanwhile, the CIPS explained that this decision, if necessary, is  subject to revision, and the participant can apply for the  application of the maximum limit of social payments.  For more  detailed information, you can contact the Center's hotline at number  114, or by sending an e-mail to the website of www.epension.am.