Armenian Government ventured a brave step, undertaking pension fund reforms, RA State Social Security Service Head Vazgen Khachikyan told a news conference in Yerevan. "2010 pensions will not be cut, still significant growth is not to be expected. Pension system in Armenia is rather overloaded: 450 thousand state workers against 520 thousand pensioners," Vazgen Khachikyan said, adding that data provided prove the country is undergoing crisis and is explained by demographic indices: low birth rate, unemployment.

"According to some researches, the crisis in Armenia will reach its vertex by 2030-35," Vazgen Khachikyan emphasized.

Rumors on Armenian pension programs being implemented through international credits are untrue, Head of State Service emphasized, adding that despite financial crisis, pension programs in Armenia will not be cut.