Chairman of the RA National Assembly Standing Commission on Financial, Credit and Budgetary Affairs Gagik Minasyan said that countries like Armenia have no any other choice, but to create funded pension scheme .

"The birth rate is lower in Christian countries, than in Africa or Muslim countries. The experience of Western Europe indicates that elder people expect to get pension, which is either equivalent to or higher than that they had provided the previous generation with their salary. Meanwhile, this results in great number of emigrants and negative consequences," he said.

The Commission's Chairman noted that the bill on funded pension scheme will be debated during an extraordinary session of the Armenian parliament.

Minasyan added that the bill will be considered in the first reading and there will be enough time for its examination until the third reading. According to Minasyan, the low pace of reforms in the pension system is justified, as around 40 laws are envisaged to be amended.