People do not understand the whole essence of the funded pension reform, Gagik Minasyan, Chairman of the National Assembly’s Standing Committee on Financial-Credit, Budgetary and Economic Affairs, told a news conference on February 21.
Addressing to pension reform opponents, Mr. Minasyan said, “If a citizen does not want to transfer deductions from his wages to the mandatory funded pension system, it means he cannot be the master of his country – something they are claiming today.”
Asked whether it is realistic to trust 30 percent of the accumulated funds to foreign countries, Mr. Minasyan cited the introduction of APPA (Compulsory Insurance of Civil Liability) system.
“In the course of time people began to understand its significance and necessity. The same will be the case with the funded pension system,” said the official.