YEREVAN. – The owners of a country must think about the future many years ahead, MP from ruling Republican Party of Armenia Gagik Minasyan said commenting on the pension reform.

“We often hear our youth saying ‘we are the owners of our country. We decide whether the system will operate’. I can say the following: the owner thinks about the country years ahead. If we consume without creating anything now, we will not be able to master the country in the future,” Minasyan said.

“We are owners of our country” is the most famous motto of “I am against” movement protesting against mandatory cumulative pension plan.

Minasyan believes retirement savings is a contribution that is made today to ensure decent tomorrow.

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.