YEREVAN. – The future pensions in Armenia will amount to 40 percent of the salaries, Labor and Social Affairs Minister Artem Asatryan told reporters on Monday.

“This indicator is based on the assumption of a 30-year work experience and retirement at the age of 63,” the minister stated.    

Asatryan also noted that the pension reform does not conflict with Armenia’s law.

“Pursuant to the Constitution, the types and extent of social insurance are established by the law. We have chosen this option because it will secure a link between the pension payments and future pensions of the currently working [Armenian] citizens,” Artem Asatryan said.  

To note, the mandatory cumulative pension plan will come into effect in Armenia on January 1.