Yerevan, Armenia – The USAID-funded Pension and Labor Market Reform (PALM) project summed up its three-year activity and shared the recent progress of Armenia’s pension reform during the “Decent Work and Adequate Pensions” conference, held on September 14 in Yerevan. Minister of Labor and Social Issues Artem Asatryan, Minister of Finance Vache Gabrielyan, State Revenue Committee Chairman Gagik Khachatryan, U.S. Ambassador to Armenia John Heffern, and USAID Armenia Mission Director Karen Hilliard attended the event. Participants also included representatives of the Central Bank of Armenia, the National Assembly, as well as local and international organizations involved in the pension reform. PALM project has been USAIDs’ primary activity aimed to support Armenia’s pension reform implementation, strengthen the retirement income system, and enhance the competitiveness of the labor market. Between 2009-2012, PALM assisted the Government of Armenia, individuals, households, and vulnerable communities to better manage social risks, such as old age, disability, and unemployment. The project provided technical assistance to the Armenian government to build the foundation for the multi-pillar pension system that will come into force in January 2014. The new pension system will provide each citizen of Armenia with a possibility to improve their financial security in old age through diversifying the sources of income, including making retirement savings in a private pension fund – a concept that is new to Armenia. Through PALM, USAID helped the Government of Armenia introduce active labor market programs like job clubs and employer councils. PALM was instrumental in organizing the first ever youth career fair in Yerevan in partnership with the Ministry of Labor and Social Issues and the State Employment Service Agency to address youth unemployment and help young Armenians explore career opportunities with potential employers and learn valuable job-searching skills. PALM built on the accomplishments of USAID’s former Social Protection Systems Strengthening Project (2006-2009) and the Armenia Social Transition Program (2000-2005).

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