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No visa regime between Georgia and Armenia

Vahagn Hovnanyan: It is necessary to hold a protest action in front Russia's Embassy in Armenia to support Levon Hayrapetyan

Political expert: Growth of tension at the border is a regular ill-fated expression of complexes by Azerbaijan

James Warlick: The number of incidents and resulting deaths and injuries is also a setback in our efforts to work with parties to find a lasting peace

Lake Sevan is on the verge of environmental disaster

Life of the three persons injured in Kashatagh as a result of a landmine explosion is out of danger

EU welcomes ruling of Turkish Constitutional Court regarding investigation into the 2007 murder of Turkish- Armenian journalist Hrant Dink

Armavir mayor's car explodes in mine-studded territory of Kashatagh

Newspaper: Armenian oligarch's company worked in the shadow

Nagorno-Karabakh Police publish details of the case of Azeri saboteurs

Eastern Partnership countries cannot join European Union within the next 5 years

Expert: Decision to increase water release from Lake Sevan to 270 mln cu m is a shady transaction

RESO Insurance Company compensates for damage under hull insurance in 90.9% of cases

VTB Bank (Armenia) and Visa announce the launch of Summer with VTB campaign

Orange Foundation opens a Youth center in Chinari and a computer center in Zorakan in Tavush region

ICRC Yerevan Office holds negotiations to organize a meeting with Azeris detained in Armenian territory

Hakob Sanasaryan: Armenia has chosen the path of destroying its water resources

ICRC Yerevan Office maintains regular contacts with residents of borderline villages

Areximbank-Gazprombank Group's profit increases by 56.1% and capital grows to 21.9 bln AMD

Levon Ter-Petrosyan: the authorities of Armenia are going to replace the "carrot" of the PAP by the "stick"

Ankara has put forward a plan to form a free trade zone with the Customs Union

Ankara's wish to create free trade zone with Customs Union has a dim prospect for Armenia

Levon Ter-Petrosyan: The delay of Armenia's joining Eurasian Economic Union is conditioned by the demand of the EAEU to set a check point at the border to Nagornyy Karabakh

Levon Ter-Petrosyan: The reaction of the Armenian party at the Azerbaijani invasions is quite guarded and inadequate

Sharmazanov to Ter-Petrosyan: It is unacceptable to speculate the Karabakh issue for the political goals

The Golden Apricot Yerevan 11th International Film Festival has come to its end, the official website reports

Rostelecom services available in the center of Yerevan

RESO Insurance Company compensates for hailstorm-caused damage

Customer of VTB Bank (Armenia) wins a Peugeot 107 AT under a joint campaign with MasterCard

1005 residents of Nagorno-Karabakh sign an address on immediate release of Armenian businessman Levon Hayrapetyan

Ardshininvestbank cuts lombard credit and Nur Card Express rates

Nagorno-Karabakh Prosecutor General's Office: Smbat Tsakanyan was kidnapped and killed by Azeri saboteurs

Beeline and NURCARD launch new postpaid tariff plans

ACBA-Credit Agricole Bank's terminals switch to round-the-clock regime

Preparliament: Verdict against Volodya Avetisyan is the authorities' cynical gauntlet thrown against the Armenian society

Suren Babayan intends to shoot a new trilogy

Armen Martirosyan: Levon Hayrapetyan's arrest has either Azerbaijani or Armenian trace

Raffi Hovannisian: Arrest of Levon Hayrapetyan is politically motivated

Air Armenia leases Airbus 320

On July 20 Air Armenia will start flying to Moscow three times a day

Ivan Volynkin: Russia is not instigating anybody in Nagorno- Karabakh conflict

Armenia's Foreign Ministry: No Armenian citizens on board of the Malaysia Airlines passenger plane Boeing 777 that crashed in Ukraine

Armenia's Foreign Ministry: No Armenian citizens on board of the Malaysia Airlines passenger plane Boeing 777 that crashed in Ukraine

After arrest Levon Hayrapetyan's health condition has got worse

After arrest Levon Hayrapetyan's health condition has got worse

Armenia's Foreign Ministry gets more specific information about availability of Armenian citizens on board of the Malaysia Airlines passenger plane that crashed

A soldier of the NKR Defense Army dies

Nagorno-Karabakh war veteran: Armenian authorities will not get away with their unfair verdict against Volodya Avetisyan

Net profit of Ardshininvestbank amounts to AMD 2.8 billion outperforming last year's result by 36.2%

Head of Union of Armenians of Russia does not believe Levon Hayrapetyan's privity to economic crimes

Armenbrok: By keeping silence pension funds trample interests of future pensioners in Armenia

  • by Elita Babayan

  • Friday, January 24, 17:35

 The silence of the pension funds empowered to manage the pension assets runs counter to the future pensioners' interests, Aram Kayfajyan, CEO at Armenbrok Investment Company, has told ArmInfo when commenting on the fact that most citizens are unaware of the important components of the accumulative pension system. 

"We are seriously concerned with the silence of the pension funds. Many expect them to be active, to appear in the mass media and to provide detailed information of their strategic plans. This behavior of the funds can be explained either by their indifference to the small Armenian market or by the lack of skilled personnel in the country. I think the presence of foreign specialists, i.e. analysts and senior managers, would enhance public confidence in these funds", says Kayfajyan.       

According to Kayfajyan, both funds are nevertheless the leading players in the European market of trust management of retirement savings and manage rather big assets. This causes confidence in their activity.

The expert has cleared up numerous future pensioners' fears concerning possible disappearance of the pension assets. "Most fears expressed by those against the accumulative system are hypothetic and only two of them have an economic basis, particularly, the high level of pension contributions (5%) and possible perturbations in the economy such as default or hyperinflation. "The latter is linked with the long-term effect of the pension reform. Theoretically, it is possible, because the economic situation of any country may considerably change within the next 20-30 years amid regular crises", says the expert. However, he stresses that Armenia, which has accumulated a big foreign debt, faces no prospect of default. 
Concerning the size of pension contributions, Kayfajyan says that in some developing countries it is quite low. In some countries it changes depending on economic conditions.

Almost 7,000 people gathered in Liberty Square on Jan 19 to express their protest against the compulsory accumulative pension system. They marched to the building of the Constitutional Court and demanded that the court revoke the law that imposes the system. The court is to decide on Saturday, Jan 25.
The voluntary accumulative pension system was introduced in Armenia on Jan 1 2011. The system will become compulsory starting Jan 1 2014.  According to the bill, the minimal pension in the country will be equal to the minimum wage, while the basic pension will total 150% of the minimum wage.  The compulsory accumulative pension system will apply to the citizens born after Jan 1 1974 (the citizens below 40). Starting Jan 1 2014, 5% of their salaries will be transferred to their personal accumulative accounts. The government will transfer a similar amount (but no more than 25,000 drams). It is noteworthy that 6.6%-13% and not 5% of the monthly wages will be charged, as the charges will be made from the so-called "brutto-salary." On 15 November the Republican Party boycotted the extraordinary meeting of the Parliament over the issue.  Later on 21 November, an action of protest was held in front of the Government against the pension reform.

Starting from Feb 2014 pension assets in Armenia will be managed by Amundi from France (subsidiary of Societe Generale (20%) and Credit Agricole (80%)) and C-Quadrat from Germany. During the first year the assets will make up $100mln. Amundi's assets total $1.3tln, C-Quadrat's assets $500bln.

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