K. Vardanian: Pension accumulations should be invested in Armenia

The main problem of the pension reform is lack of trust so the objective is to restore trust, CEO of the Union of IT Enterprises of Armenia (UITE) Karen Vardanian told journalists at the Business Innovation Forum (BIF) in Dilijan.

He stressed the necessity to submit proposals aimed at changing the scenario of pension reforms.

According to K. Vardanian, one of the challenges of the new pension system is that accumulated money will flow out of the country. “No dram should flow out of the country, all the pension accumulations should be invested in Armenian industry,” he said, adding that accumulated funds should be allocated to energy sector – the nuclear power plant, electric networks, Armenia’s share in ArmRosGazprom Company, thermal power plants, etc.

The CEO of UITE expressed confidence that efforts of the IT sector will result in the postponement of accumulative pension system-related reforms until solution of the indicated problems.

It should be mentioned that Prime Minister Tigran Sargsyan said at the Dilijan BIF that the Armenian government is determined to introduce the compulsory accumulative pension system on January 1, 2014. “We are determined to carry forward pension reforms to their logical conclusion,” he said at the First BIF held in Dilijan.