Armenia’s premier suggests suspending calculation of penalties under pension law

Armenia’s premier suggests suspending calculation of penalties under pension law

YEREVAN, April 18. /ARKA/. Armenia’s premier Hovik Abrahamyan proposed to suspend calculation of penalties under the funded pension law, the government press office reported Friday. Yesterday Abrahamyan held a consultation and instructed to develop a bill as soon as possible to suspend the calculation of penalties under the pension law before the Armenian parliament adopts the law package as requested by the Constitutional Court ruling of April 2. The government intends to suggest the National Assembly discussing the bill during the four-day session to start on April 28. The new pension system requires that all Armenian citizens born after January 1 1974 pay social security taxes equivalent to 5 percent of their monthly wages, which will be matched and doubled by the government. That money has to be deposited with private pension funds licensed by the government late last December. On 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 re-assessed. More than 88% of respondents in a public opinion poll by Gallup International Association Armenia among 1,066 adults in Yerevan in February said they did not support the new pension scheme. –0--

10:38 18.04.2014

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