YEREVAN, June 29. /ARKA/. Private accumulative pension funds will start to operate from January 1, 2011 in Armenia, said Tigran Sargsyan, Armenian Prime Minister during the board meeting of fund of trustees of national competitiveness.

“Armenian Parliament has adopted a large package of legislative reforms in the first reading which includes about 50 laws.

Mandatory accumulative pension system will be introduced in Armenia. Private accumulative funds will operate from January 1, 2011 and in 2013 unified social tax will enter into force which assumes unified legislation and mechanisms of social payments and income tax.

“Unified accumulative system will operate since 2014 in Armenia which assumes that all working citizens of Armenia at the age of 40 should accumulate 5% of their income for future”, said Tigran Sargsyan.—0—