YEREVAN, APRIL 7, NOYAN TAPAN. A draft decision on approval of the pension reform strategy in Armenia must be submitted to the RA government until July 20. In accordance with reforms, a mixed system of pension security shall be introduced in the country, with the pension system being composed of three components: state, compulsory cumulative and voluntary pension insurance. Vazgen Khachikian, Chairman of the RA State Social Insurance Fund, told NT correspondent that two versions of the draft decision are being developed - one by the Central Bank of Armenia (CBA), and another - by the Ministry of Labor and Social Issues. According to the ministry's draft, it is necessary to introduce a conditional cumulative system in Armenia and then gradually shift to a cumulative or mostly cumulative system. Under the draft developed by the CBA, the pension reforms will not be complete without the prevalence of the cumulative element. In the opinion of V. Khachikian, the CBA proposal presupposes a more rapid process of reforms, while the ministry's version - a more cautious one.

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