Yerevan/Mediamax/. Head of the International Center for Private Pension reform of Chile José Piñera presented Chilean experience in introduction of a private pension system during his meeting today with the students and the teaching staff of Yerevan State University.

Mediamax reports that José Piñera said that due to introduction of the accumulative pension system in Chile, the level of poverty reduced by 35% and economic growth was registered, since the accumulated means were invested in profitable spheres.

The expert said that according to the given system, 10% of the salary of employees is transferred without taxation to the individual pension account every month, and is accumulated and provided to the employee upon retirement.

José Piñera noted that an important prerequisite for introduction of such a system is the guarantee of the system activity, insurance and establishment of a “security network” for the unemployed.

“Within 24 hours I cannot learn about Armenia so much as to give pieces of advice concerning introduction of an accumulative pension system. After I hear out local specialists, I will think for a month and will voice my opinion”, he said.

With the help of “Piñera Model”, 28 countries of the world either fully or partially have build their pension systems.