Protests against compulsory fund pension system to be staged outside finance ministry building in Yerevan

Protests against compulsory fund pension system to be staged outside finance ministry building in Yerevan

YEREVAN, March 5. /ARKA/. Protests initiated by “I am Against!” group will be staged outside the finance ministry building in Yerevan on March 7 at 12:30 against introduction of the obligatory component in the fund pension system, David Manukyan, a representative of the group, said today at a news conference.   

The pension system reformation was launched in Armenia on January 1, 2011. The obligatory fund pension system was planned to be introduced in the country in January 2014. The system targets all those citizens born later than Jan 1, 1974. The accumulated funds will enable future retirees to shape the size of their pensions at own discretion. Under the reform plan, people will send to their accumulative pension account 5% of their salaries every month, and another 5%, but no more than AMD 25,000, will be added by the government. 

Manukyan said that the aim of the protest action is to show public disaffection for the pension system imposed on people and for “the total pressure the finance ministry makes on many employers”. 
He explained that despite the validity of some provisions of the law had been suspended many employers in the public sector take money from their employees’ salaries under pressure for pensions.    

The introduction of the compulsory component of the new pension system triggered backlash in the country. Representatives of political parties and nongovernmental organizations don’t believe that the money will be given back to people, and they urging the authorities not to put this idea into practice. --0---

15:52 05.03.2014

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