Vardan Aramyan: pensions are increased in Armenia in compliance with volume of basket of goods

PanARMENIAN.Net - Armenian Deputy Minister of Finance Vardan Aramyan said that the Armenian government's social policy envisages annual increase of pensions in compliance with the volume of basket of goods.

As for fixation of the volume of basket of goods in Armenia's legislation, Aramyan noted that there is a provision on basket of goods in the legislation. "The volume of basket of goods is defined by the RA Statistical Service," Aramyan said during parliamentary hearings on a package of bills on state pensions. The hearings were organized by the RA NA Standing Commission on Social Affairs with participation of parliament members, Deputy Minister of Labor and Social Affairs Artem Asatryan and representatives of the public sector.

On June 24, the Armenian parliament adopted in the first reading the bill on introduction of amendments to the RA Law on State Pensions, envisaging transfer to the funded pension scheme. The transfer to the new system is regulated by five laws and 49 amendments to laws. Under them, the volunteer funded pension scheme will be introduced in Armenia on January 1, 2011. The transfer to the compulsory scheme (for citizens under 40) will be implemented from January 1, 2014.