Current funded pension law still valid till September 30 – Armenia’s premier

Current funded pension law still valid till September 30 –  Armenia’s premier

YEREVAN, April 3. /ARKA/. The funded pension law will be valid for Armenia’s citizens and organizations the way it is now till September 30, Armenia’s premier Tigran Sargsyan said at a government meeting Thursday.

On Wednesday April 2 Armenia’s Constitutional Court declared a number of provisions of the new funded pension plan law conflicting with the country’s constitution and, hence invalid. The Court set September 30 as the deadline for harmonizing the funded pension legislation with its decision. All payments to pension funds charged under the new funded pension law before the ruling must be refunded.

“As far as I understand from the Constitutional Court ruling the law the way it is now will be in force till September 30, and before that we will have to change the provisions conflicting with the constitution”, the premier said. The minister of justice Hrayr Tovmasyan confirmed the premier’s words.

The head of the government said a working group will be set comprised of representatives from the ministry of justice, ministry of labor and social affairs, ministry of finance and the central bank to prepare the required amendments.

Sargsyan suggested the civil society getting involved in the development of the changes. –0--

13:15 03.04.2014

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