Monday, 23 May 2011
José Piñera in Armenia at Tigran Sargsyan’s Invitation
José Piñera, the founder of Chile’s private pension system was hosted today at the Office of Government. He has arrived in Armenia at the invitation of Prime Minister Tigran Sargsyan.
After meeting with José Piñera, the Prime Minister greeted the heads of the agencies concerned in attendance and made the following remarks: “The architect of Chile’s private pension system is in Armenia to share his country’s experience. Indeed, he will refer to those issues of concern to the public in the Republic of Armenia - logic of pension reform, reliability and profitability of mobilized resources – in order our citizens rest assured that their contributions will not be pulverized over time. In a word, all those issues subject to heated debates in the Armenian Parliament had already been discussed in Chile. But Chile’s experience may help us get a better understanding of the challenges and hardships faced, as well solutions found all the way through the process of pension reform.”
Thanking Tigran Sargsyan for the invitation, José Piñera mentioned that while this is his first-ever visit to Armenia, he has always been interested in our country’s history. Chileans were said to have marked the 30th anniversary of pension reform on the International Workers Day - May 1, 2011 – which in his words had a special meaning.
By noting that the pension reform influences all the other reforms, the guest went on to present the details of his country’s reform of 30 year standing.
As the main results of the Chilean reform, José Piñera singled out the safety and adequate profitability of mobilized funds, as well as the expansion of the capital market and the speeding up of growth.
During the exchange of opinions that followed, the guest was asked questions on raised funds’ safety and guarantees, as well as on public awareness and outreach efforts. By the way, the meeting was attended by the Georgian Minister of Employment, Healthcare and Social Affairs and his deputy.
Summing up the meeting, Prime Minister Sargsyan thanked José Piñera for interesting talks and remarks.
Note that the pension reform has already started in Armenia. As of January 1, 2011, the funded pension system is effective which may be joined by any citizen of one’s own free will. Beginning from January 1, 2014 the mandatory funded system will come into force to be binding for all citizens born after January 1, 1974.
