Epress.am News from Armenia
At a briefing following today’s government session, RA Minister of Labor and Social Affairs Artur Grigoryan provided some explanations on the pension reforms to be put into effect next year.
According to the minister, the new system of pension reforms will be implemented starting Jan. 2011 in two ways: cash and debit. Those who opt for debit will receive their pension payments transfered directly to their bank accounts, which will allow pensioners to access their monthly payments without the funds being put on hold for a set period of time, upon agreeing with the bank the amount of withdrawal.
According to this new system, pensioners will have to open bank accounts. This will be of no extra charge to pensioners, assured the labor and social affairs minister.
If pensioners opt to receive cash, they will do so as is the case currently, in person.
According to Grigoryan, the list of all those banks that have signed agreements with the ministry will be available on the RA Ministry of Labor and Social Affairs official website and will be publicized through local media.