Retirement idea of retirement is of recent origin, being introduced during the late 19th and early 20th centuries. Previously, low life expectancy and the absence of pension arrangements meant that most workers continued to work until death. Germany was the first country to introduce retirement benefits in 1889. Nowadays, most developed countries have systems to provide pensions on retirement in old age, which may be sponsored by employers or the state. In many poorer countries, support for the old is still mainly provided through the family. Today, retirement with a pension is considered a right of the worker in many societies,
Pensions in Armenia to the stabilization of the economy in the country, and later on to its rapid development. Pensions in Armenia Pensions in Armenia incorporate the following components: Pillar 0 or Social pension (benefit), Pillar 1 or Employment pension, Pillar 2 or Funded pension, Pillar 3 or Voluntary pension. Before the implementation of the Pension Reforms, the Pension security system of Armenia was characterized as a PAYE (pay-as-you-earn) pension system financed on the principle of the solidarity of generations. The system actually performed a distributive function; the payments were made by employees, employers and individual entrepreneurs to the State budget, of which