OREANDA-NEWS. June 11, 2010. Reformation of the pension system and possible solutions to the existing problems were discussed at the working meeting invited by the President of Armenia.

President Sargsyan said that with initiating a substantial reformation such as this one, the state is required to discuss all the pertinent issues, find proper solutions, and to assess possible risks. Serzh Sargsyan underlined that all state structures, which are involved in the reformation of the pension system, should display the utmost persistence in devising and implementing these reforms.

The Deputy Finance Minister Vartan Aramian and Deputy Minister of Labor and Social issues Artem Asatrian gave clarifications regarding issues and concerns raised by the President of Armenia at the previous meeting, which were based on relevant studies, mid-term and long-term assessments.

In particular, the participants of the meeting discussed possible outcome of the pension system reforms for the state budget, tax burden for businesses, and levels of income taxation. They also spoke about the efficient management of the accumulative pension fund, deposit security guarantees, and accessibility of the services related to the introduction of the system for the public.

At the conclusion of the meeting, President Serzh Sargsyan once again underscored the necessity to discuss the concept of the pension system reformation with different social groups – workers, students and the others: “The concept may be well designed, however only walking it through with the people will make it possible to get a need amount of confidence to implement it. Clarifications provided by the mass media are not enough. A significant change such as this one may raise many questions, thus the society should be provided with the opportunity to raise these issues and receive inclusive answers. Only then the citizens will trust the new system,” the President of Armenia said.