Member of the Republican Party of Armenia parliamentary group, Chairman of the RA NA Committee on Social Affairs Hakob Hakobyan said that the National Assembly adopted in the first reading a legislative package on State Benefits. It consists of 5 basic laws and 47 amendments to laws, Hakobyan told a press conference on June 26.

The transfer to the funded pension scheme foresees 5% deduction from citizens’ salary, while another 5% will be added by the state. These sums will be sent to different funds, which will add interest rates to them.

80% of the sums deposited by citizens will be guaranteed by the state, while 20% - by the funds receiving the sums.

Member of Heritage parliamentary group Anahit Bakhshyan does not trust the reform. According to her, it will be difficult to control the entire process.

However, Hakob Hakobyan believes that the process will be transparent and any citizen will have the opportunity to follow it online – to see which fund received his/her sum and change the fund, if necessary.