Fund of financial reimbursement to militaries` families is to be raised at employed nationals` assets

ArmInfo. A fund of financial  allowance  to militaries' families is to be raised in Armenia for the  families of troops perished  or disabled while performing their  duties at posts. The Draft Law on "Reimbursement of life and health  injuries of militaries defending the Republic of Armenia" I and the  package of related Draft Regulations is apporoved at the Government  session on November 10.

According to Minister,  the families of  militaries  perished  or  obtained the 1st grade of  disability wil receivea AMD 10 mln lump  sum allowance, militaries of the 2nd grade of disability, will be  paid   AMD 5 mln lump sum insurance. In a case of death or 1st  grade  disability monthly payments will form AMD 300.000 for officers,  250.000 for  law ranked officers and 200.000 for privates.  In a case  of injury causing 2nd grade disability, these allowances will form  AMD 250.000, 200.000 and 150.000 respectively. Minister stated also,  that these payments will   be implemented during 20-year period, and  AMD 82 mln will be allocated for the officers personnel, AMD 70 mln  for low ranked officers and AMD 48 mln for privates.  

Minister mentioned, that this Project will be implemented at the  assets of a special fund, and each employed national will be charged  with AMD 1.000 compulsory fee for that fund. At that, Sargsyan stated  that all the payments will be allocated just and only for insurance  allowances. "And if after 20 years these funds become insufficient to  pay such allowances, the persons mentioned will get those on a common  basis", Minister mentioned

The fund sources will become the granted assets, stocks and  bonds  emissions, and charitable amounts. The Fund will be administrated by  the Government of Armenia, Centra Bank and the Board of trusters. The  operational costs should not exceed 0.5%, and the assets management  costs - 2% respectively. The system is to be implemented  starting  with January 28, 2017. According to the Central Bank Head Arthur  Djavadyan statement, the Central Bank will manage the fund during 5  coming years free of charge.