Armenian citizens employed abroad to get minimum pension only – minister of labor

Armenian citizens employed abroad to get minimum pension only – minister of labor

YEREVAN, June 20. /ARKA/. Armenian citizens who are employed abroad and will not work in Armenia by the retirement age, will be entitled to a minimum pension only, Armenian minister of labour and social affairs Artem Asatryan said in the parliament.

The minister said any citizen of Armenia getting his first employment in the country before the age of 40 will be included on the pension scheme, but found it difficult to answer how pension will be paid based on earnings in another country.

Asatryan said the government set a target to ensure a pension above poverty level.
 
At its sitting on Tuesday the government approved the amendments to the country’s pension law and related bills required by the ruling of the constitutional court, the government press office says.

The bill package rules out possible reductions in wages after the pension system comes into force. The amendments proposed to enforce the compulsory funded pension system in the public sector as from July 1 and to introduce the scheme in the private sector on a voluntary basis within a three-year period.
 
The compulsory fees paid under the law as from January 1 2014, are not relevant anymore. A social fee of 5% is to be paid to the budget instead. A maximum of 25,000 in social fee is proposed for wages above 500,000 drams.

On January 24, Armenia’s Constitutional Court suspended some provisions of the new, controversial law that aims to reform the country’s pension system to launch a detailed inquiry into the constitutionality of the law.

The highest court of the country suspended Article 76 of the new law, which provides for penalties for failed or delayed pension tax payments, and the third paragraph of Article 86, which obligates employed citizens to choose a pension fund, among other parts of the law.

On April 2, the Constitutional Court of Armenia found some provisions of the new pension law contradicting to the Constitution and voided them instructing the government to make changes here.

The National Assembly passed amendments to the law suspending enforcement of the compulsory component of the new pension scheme. It means compulsory component was transformed into voluntary.--0---

14:30 20.06.2014

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