YEREVAN. – A 10-billion-dram-(approx. $26.3 million)-worth misuse has been exposed in Armenia’s pension system, Finance Ministry’s Financial Control Department Director  Sona Gharibyan stated to news reporters on Tuesday. 

In her words, the State Pension Fund and regional divisions of the Social Security Service were inspected. And these inspections recorded a variety of violations with respect to 12 thousand pensioners. Gharibyan added that, even in some cases, the pensions were registered in the names of those who are deceased, or no longer live in Armenia.            

In addition, more than 65 thousand pensioners’ personal information was clarified after inspecting the pensioners’ lists. At present, there are 520 thousand pensioners in Armenia.   

To note, the country’s pension payment system was liberalized in November 2010.