28.7 billion AMD to be allocated from budget for co-financing of accumulative pensions
14:51, 2 November 2016YEREVAN, NOVEMBER 2, ARMENPRESS. 28.7 billion AMD is planned to be allocated from the 2017 state budget for co-financing of the accumulative pensions, 1.9 billion more than the allocation of 2016, Minister of Labor and Social Affairs Artem Asatryan said.
“The increase of the co-financing amount for accumulative pensions is due to increase of number of participants in the accumulative system. The number has increased by 13 thousand 400 people. At this moment, 176 thousand 200 people are taking part in the system”, the minister said.
Under the accumulative pension system, 5 percent of the salary is planned as a mandatory targeted payment. The state is contributing the same amount. The amount is accumulated on a personal account, which is managed by any of the two investment funds – based on individual choice of the citizen.
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