YEREVAN. – Two private pension funds are ready to start their work in Armenia, Labor Minister Artyom Asatryan told Armenian News-NEWS.am.

The funds can provide services to unlimited number of citizens, so the lack of coverage will not be felt.  According to the regulations of the Central Bank of Armenia, the funds must have dominant foreign capital.

During the 2014 budget debates in parliament, Minister said the Central Bank will name the investors during 7-10 days.

Preparatory work is already under way to introduce a mandatory privately funded system that will come into force starting from January 1, 2014.

From 2014 Armenia will adopt private retirement schemes. Workers will pay 5 percent of their salary. This amount will be placed in one of the private pension funds.