Thursday, 4 November 2010
A new procedure to be followed in paying pensions
Following today’s cabinet sitting, Minister of Labor and Social Affairs Arthur Grigoryan commented on the government-approved pension payment scheme.
According to the minister, the new order of pension payment as stipulated by the pension reform will be effective as of January, 2011 in cash and non-cash forms. Non-cash payments will be effectuated via bank accounts enabling the pensioners to dispose of the sums available on their bank accounts without timing restrictions using a money withdrawal agreement reached in advance with the target bank. “The non-cash way of payment implies that pensions will be settled mediating transfers to bank accounts allowing no term restrictions whatsoever,” the minister said.
According to the new procedure, the pensioner will have to open a bank account. This service will be free of charge. In case of non-cash payments, the citizens will get pension in line with the standing order. In the words of Arthur Grigoryan, the list of eligible banks will be posted on the official website of the ministry and will be reached out to the public by means of mass media.
Cash is the next way of pension payment. Those pensioners opting for this scenario will get their pensions according to the standing order. “Competition is sure to force all service providers to excel in performance leading to improved service quality, as a whole,” Arthur Grigoryan concluded.
