YEREVAN. – In actual fact, the voluntary payment system in Armenia’s funded pension system is introduced, but provisionally until the year 2017, and solely for the non-state sector.

Labor and Social Affairs Minister Artem Asatryan on Friday stated the abovementioned at the National Assembly discussions of the bill on making an amendment to the Law on Funded Pensions, and the attached package of laws.  

 
As per Asatryan, who was introducing the bill, the targeted social payment deductions from the salaries will be mandatory for the public sector forthwith, but it will become mandatory for the private sector as of 2017 and, until then, it will be voluntary for the non-state sector.

“If we want to have an effectively working system, there must be a significant participation, and the starting point has been to have minimum risks.  

“This is a retirement security system, the number one issue for which is reaching the retirement age,” the minister added, in particular.