YEREVAN, MARCH 24, ARMENPRESS:  The International Monetary Fund did not exert pressure on the Government of the Republic of Armenia in the realization of the pension reforms. Those reforms were prepared in Armenia over the years. The main aim of the reforms was to reduce poverty among the elderly people. The Head of IMF Armenian mission Mark Horton stated this in a conversation with Armenpress. According to him, the reforms of Armenia’s pension are well thought out and implemented. “It, of course, affects the population and there are many people who are dissatisfied with the reform. However, the reform process has been positive, and we expect that the result will also be like that. While implementing pension reforms one has to stand before a number of complicated choices. However, we should remember that this reform is essential for the future,” IMF representative said as reported by Armenpress.

The appliance of the multi-level pension system begins to operate parallel to the distributive pension system of Armenia. Due to the ongoing pension reforms, the voluntary pension system has been operating since 2011, while mandatory funded pension system will begin to operate since January 1 2014. The new pension system will give an opportunity to each citizen born in Armenia after 1974, to improve financial security in old age, diversifying the sources of the personal income of the individual.