Prosperous Armenia party not decided on pension reform yet

Prosperous Armenia party not decided on pension reform yet

YEREVAN, June 18. /ARKA/. The Prosperous Armenia party has not made their mind up about the pension reform, press secretary of the party, member of the parliament Tigran Urikhanyan told reporters on Tuesday, after the closed-door meeting of the faction.

Urikhanyan said they have not seen the bill yet. ‘It will be in the parliament tomorrow – we will analyze it and draw a conclusion’, he said.
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---

13:32 18.06.2014

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