Dear citizens, since July 1, 2019, the Government of the Artsakh Republic has embarked on a radical pension reform aimed at ensuring a proper retirement for pensioners, making the pension system financially sustainable and providing a direct link between a person's income and the size of his pension.
Accumulative allocations are made up of social payments made by the participant, which makes up 2.5% of their monthly income and 7.5% of additional funds from the state budget. These funds are transferred to the individual account of the participant managed by the pension fund manager, as a result of the retirement the participant has accumulated funds and additional income in the form of accrued interest.
As part of the process, in July-December 2019, the Ministry of Finance transferred 1 milliard 323.4 million drams to personal retirement accounts open for about 22,000 participants of the funded component, of which 333.9 million drams were social payments paid by participants, and 989.5 million drams funds allocated from the state budget of the Artsakh Republic.
Various measures have been implemented to ensure transparency of the system, enabling citizens to track the timely transfer and management efficiency of their cumulative allocations.
Dear citizens, the ministry, remaining committed to its work style, will maintain consistency in completing the pension reforms launched in the republic, which will allow thousands of citizens to manage the money accumulated over the years by participants and received from the state as support to ensure a decent old age.