YEREVAN. – The mandatory accumulated pension system will be introduced in Armenia on January 1, Haykakan Zhamanak daily reports. 

“There is already a wave of discontent brewing in Armenia in connection with the introduction of this new system. 

“But as of September 3 of this year, a problem has emerged that is not discussed. The new pension system is designed for an Armenia that has its own currency and conducts its own monetary policy. 

“But on September 3, it was found out that Armenia is going to the Customs Union. And the Customs Union is the first phase of the Eurasian Union, which assumes a common currency; that is, Armenia will enter a conditional ruble zone. 

“How will the new pension system [of Armenia] function under these conditions? Our reporter tried to get this question’s answer from Labor and Social Affairs Minister Artem Asatryan, but to no avail,” Haykakan Zhamanak writes.      

To note, following the talks that were held on September 3 in Moscow between Armenian and Russian Presidents Serzh Sargsyan and Vladimir Putin, Sargsyan had announced that Armenia plans to join the Customs Union and subsequently engage in the formation of the Eurasian Economic Union. Aside from Russia, Belarus and Kazakhstan likewise are members in the Customs Union. And in response to this development, the European Union had stated that the signing of the Armenia-EU Association Agreement and the Deep and Comprehensive Free Trade Area agreement is now doubtful.