Pensions in Armenia

Therefore, the Armenian government, started looking for other ways to solve the problem, mainly putting forward the idea of developing self-financing pension systems.

That efficiency was attributed to the rapid development of economics which resulted in increase in labor income among the population, as well as, in the State tax revenues.

Conditioned with the growth of the State budget revenue, Armenia was able to expand the number of social services provided to citizens by significantly changing their life quality.

A number of resolutions and laws were adopted, aimed at pension reform, including the: In the initial phase, the preference was given to raising the retirement age, increasing the tax burden which, in fact, proved to be a temporary solution and would not provide reasonable long term results.

[1] As of 1 July 2018, employees born after 1973 will be required to pay into a mandatory pension fund, as opposed to the voluntary scheme followed since 2011.