YEREVAN, December 26. / ARKA /. Armenian Bank Anelik said it will revise the salaries of its staff upward ‘in order to compensate’ their mandatory payments to pension funds.

Under a pension reform plan to come into force from January 1, 2014, the amount of monthly benefits paid to retired citizens will depend on their and their employers’ lifelong contributions to the pension fund.

"We have decided to take care of the future pensions of our employees, and this decision is an integral part of our policy of social responsibility, as well as one of the most important motivational tools for the team," Nerses Karamanukian, chairman of the bank’s board, was quoted as saying in a press release.

He praised the pension reform, saying the current pay-as-you-go system essentially does not differentiate between pensioners’ employment histories.

Under the new pension plan to come into effect in January 2014, all Armenian citizens born after January 1, 1974 will have to transfer five percent of their nominal salaries to their personal retirement savings fund. The government promises to transfer as much every month, but no more than 25,000 drams ($62).

Bank Anelik, founded in 1990 is owned fully by Lebanese CreditBank S.A.L. -0-