YEREVAN (ARKA), February 18– The introduction of new accumulative system will be effective and fair in Armenia, said Vardan Aramyan, Deputy Minister of Finance on Monday. 

“The current Armenian pension system does not give opportunities of worthy social protection to the citizens,” Aramyan said.

It is ineffective and as in the whole world it goes to deficit. 

The new accumulative pension system will help the citizens to take care of their future and make career.

The introduction of new accumulative pension system will assist in the development of financial market, reduce percent rates and the employees will require to mention their real salary in payment sheets as their pension will depend on it. 

New reforms envisage multistage pension system composed of two main components – state distributive and private accumulative.

The main direction of this program is improvement of status of pensioners and connection of pension and salary via introduction of mandatory accumulative pension system. 

Today 520,000 pensioners are registered in Armenia from which 470,000 get insurance or a working pension and 50,000 pensioners have not worked more than five years.