Yerevan /Mediamax/. Armenia will shift to accumulative pension system since 2011.

Mediamax reports that the Head of State Social Security Service of Armenia Vazgen Khachikyan said this at a news conference in Yerevan today.

According to him, the given system provides for compulsory payments by citizens under the age of 40 to the corresponding accumulative funds, which will be added to the personal account. Vazgen Khachikyan noted that it will be possible to also realize additional payments to increase one’s pension, in particular, for citizens, having reached the age of 40.

He informed that as of today, the basic pension in Armenia makes 8 thousand AMD, plus 450 AMD for each year of work. The average monthly pension in Armenia makes 26 thousand AMD.

Vazgen Khachikyan stressed that the transition to the accumulative system will allow making the average volume of pensions near the minimum volume of the basket of goods (about 37 thousand AMD).