Yerevan/Mediamax/. Armenian Prime Minister Tigran Sargsyan stated today that “the new funded pension system will allow citizens to ensure wealthy old age”.

The Prime Minister stated this during the First Annual Pension Conference started today, Mediamax reports.

“A working citizen should understand that he is responsible for his future and accumulate savings for the sake of his wealthy future”, said the Prime Minister.

He stressed that the pension reforms “in our society will change the economic and financial mentality”.

“The state will double the savings which are accumulated through the funded system by our citizens”, noted the PM.

He added that implementation of the pension reforms helped reveal former corruption risks were and their liquidation will rule out repeated calculations.

Mandatory funded pension system in Armenia will be introduced on January 1, 2014. After the reforms, the new funded pension system will have 3 elements- basic pension funded by state, mandatory savings element (5% of the citizen’s salary doubled by the state) and volunteer funded system at the discretion of citizens.

The system will be obligatory for citizens born after January1, 1974.

The volunteer funded system came into force on January 1, 2011.