Javadyan: Compulsory component is pension reform’s driving force

The National Assembly of Armenia debated today the appointment of chairman of the Central Bank of Armenia (CBA). For a second time, Arthur Javadyan was proposed as a candidate for that post.

Under the Constitution, the Armenian president proposes the candidate for CBA chairman, while the parliament holds a secret ballot on the candidate. Deputies then address the submitted program-related questions to the candidate.

Deputy of Armenian National Congress (HAK) faction Nikol Pashinyan asked Arthur Javadyan if any of high-paid lawyers of CBA ever informed him about the unconstitutional provisions of the Law on Accumulative Pensions.

Pashinyan also wondered what kind of position the CBA takes on the introduction of the compulsory accumulative pension system in Armenia.

Javadyan only said in response that there has been no pay rise in the CBA in the last six years.

As regards the bank’s attitude to the compulsory accumulative pension system, Arthur Javadyan said that best experts of CBA and other Armenian banks and foreign experts worked on the Law on Accumulative Pensions.

In his words, the Constitutional Court indicated the shortcomings of the law, while CBA will try to rectify them.

“Measures should be taken so that the law’s design will be in line with the Constitutional Court’s decision. The law will lose its driving force without the compulsory component,” Javadyan said.