Armenian government suspends penalizing under funded pension law

Armenian government suspends penalizing under funded pension law

YEREVAN, April 23. /ARKA/.  Armenia’s government approved the bill about temporary suspension of the funded pension law article 76 provision envisaging penalties.

On April 17 Armenia’s premier Hovik Abrahamyan instructed to develop a bill for suspending penalties under the funded pension law until the respective law packages are passed by the parliament, as required by the country’s constitutional court ruling of April 2.

The bill revokes the penalties imposed on employers who refused to collect and transfer pension fees from employees under the article 73, acting minister of labor and social affairs Artem Asatryan said in presenting the draft law.

This means employers will not have to pay penalties for non-transfer of fees during January 1 – april 2, the acting minister said.

Under another government decree, the bill is considered urgent and should be discussed in the coming session scheduled for April 28.

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 law before the ruling must be re-calculated.  

According to a poll by Gallup International Association, over 88% of 1,066 respondents in Yerevan have not supported the new funded pension scheme. –0--

13:42 23.04.2014

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