Armenian citizens exempted from mandatory contributions to pension funds

Armenian citizens exempted from mandatory contributions to pension funds

YEREVAN, May 21. / ARKA /. Armenian citizens, born after 1974 who do not wish to make contributions to pension funds should submit written applications to their employers, asking them to not make the payments, labor and social security minister Artem Asatryan said at parliament today. 

This became possible after the parliament passed amendments to the law on retirement benefits stemming from last month’s Constitutional Court ruling that declared some provisions of the pension scheme unconstitutional. 

The court gave the authorities until September 30 to bring it into conformity with the constitution. However, the minister stressed today that the exemption will be in force until the approval of a new pension law.

Under the law, workers aged 40 and younger must transfer sums equivalent to 5 percent of their gross wages to private pension funds.  As mush is to be allocated by the government. That money has to be deposited with private pension funds licensed by the government late last December. _0-

18:55 21.05.2014

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