YEREVAN. – Distrust towards the government is not reason to stop pension reform, Education Minister Armen Ashotyan told reporters.

Asked to comment on the pension reform, Ashotyan, who is a deputy chairman of the ruling party, said in 40 years the governments will change but the Republic of Armenia will remain.

“No one is going to be prime minister or a minister for 40 years. And, once those who are criticizing us will come to power,” he emphasized. “Why don't you trust your country on other matters and not pensions?”

The new funded pension plan, which formally came into force in Armenia on January 1, 2014, is mandatory for those born in and after 1974 and voluntary for those born before 1974. In line with this plan, 5 to 10 percent of the monthly salaries in Armenia will be deducted and mandatorily be allocated to cumulative pension funds; the latter will be reimbursed as pensions once a person turns 63 years old.