Constitutional Court consideration of funded pension scheme started in Armenia

Constitutional Court consideration of funded pension scheme started in Armenia

YEREVAN, March 28. /ARKA/. Armenia’s Constitutional Court started considering the issue on the newly introduced funded pension system Friday.

Parliament deputy from Dashnaktsutiun Artsvik Minasyan spoke on behalf of claimants.

The new pension system requires that all Armenian citizens born after 1973 pay social security taxes equivalent to 5 percent of their monthly wages. As much is to be allocated by the government. That money has to be deposited with private pension funds licensed by the government late last December.

On January 24 Armenia’s Constitutional Court suspended last month Article 76 of the new pension 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. The Court will conclude the inquiry on March 28, 2014.

The constitutionality of the law was challenged by three opposition parties in the National Assembly — the Armenian National Congress, the Armenian Revolutionary Federation, and the Heritage Party — along with the usually pro-government Prosperous Armenia Party.

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

13:18 28.03.2014

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