The pension reforms launched by the Armenian Government are aimed at bringing the pension rates up to 50% of the wages, Hakob Hakobyan, Chairman of the Committee on Social Affairs, RA Parliament, told journalists on Nov. 4. Compulsory and voluntary pensions will be introduced as a result of reforms.

RA Deputy Minister of Labor and Social Affairs Artyem Asatryan pointed out that pension must be sufficient for minimum basket of goods. “We have made an analysis showing we are going to have problems with collection of funds. The working citizens’ burden will be increasing,” he said. He noted that pension must depend on individual’s previous payments.

In his turn, the ex-chairman of the Central Bank of Armenia Bagrat Asatryan doubts that pension reforms can produce results. “I do not believe the incumbent authorities can do anything. They lack resolution to carry the reforms through. He pointed out that, from now on, reforms will be more and more difficult to implement.

“We have reached a demographic level when the number of employees will be rapidly decreasing against an increasing number of pensioners,” Asatryan said.