Armenian parliamentary majority to ask highest court to postpone induction of new pension system

Armenian parliamentary majority to ask highest court to postpone induction of new pension system

YEREVAN, December 11. / ARKA /. Armenia’s parliamentary minority is going to ask December 17 the country’s highest Constitutional Court to postpone the introduction of mandatory funded pension system, RFE/RL Armenian Service reported.

The opposition Armenian National Congress (ANC), the Armenian Revolutionary Federation (ARF), the Heritage and the Prosperous Armenia have collected 32 signatures under a relating motion. Under parliamentary regulations, 27 signatures are enough to take the case to the Constitutional Court. 

The plan was announced one week after the majority represneted by the Republican Party rejected their proposal to postpone the bill that becomes  effective from January 1.

Under the new pension plan to come into effect in January 2014, all Armenian citizens born after January 1, 1974 will have to transfer five percent of their nominal salaries to their personal retirement savings fund. The government promises to transfer as much every month, but no more than 25,000 drams ($62).  -0-

13:59 11.12.2013

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