YEREVAN (Novosti Armenia), March 9 — President of Armenia Serge Sarkisian considers that the system of pension provision in the Republic of Armenia, inherited from the Soviet times, does not meet the present demands and requires transformations.

According to the report by the presidential press service, President Sarkisian talked about this issue on March 6 during a working meeting devoted to pension reforms.

During the meeting the Deputy Minister of Labor and Social Affairs Artem Asatrian and the Deputy Minister of Finance Vardan Aramian presented in detail the main areas of the reform program, mentioning that the most important among them is the adoption of a funded system, aimed at guaranteeing the welfare of pensioners.

They also mentioned that the suggested program takes into account the modern world experience of pension reforms and makes it possible to combine the adoption of the funded system with the principle of social solidarity.

Recognizing the necessity and importance of the reforms, the participants of the meeting presented their views, suggestions and concerns.

President Sarkisian summed up the meeting by instructing the heads of relevant bodies to conduct additional studies and discussions on the raised problems, to evaluate all possible risks, to work out efficient mechanisms of guarantees and present valuable information on the work done at the next meeting.

The president also stressed the necessity of informing the public about the ongoing reforms, considering it to be an important key to success.

Translated from Russian by Yerevan Report