Yerevan Metro workers protest against new funded pension scheme

Yerevan Metro workers protest against new funded pension scheme

YEREVAN, February 12. /ARKA/. Dozens of workers of Yerevan Metro are currently holding a protest against the mandatory funded pension system outside the administrative building, Gala-TV channel reports.

Under the new pension plan that came into effect on January 1, 2014, all Armenian citizens born after January 1, 1974 will have to transfer five percent of their nominal salaries to their personal retirement savings fund, and another 5%, but no more than AMD 25,00 or $61 (300,000 drams or $740 for entrepreneurs), will be added by the government. 

The protesters demand that the management pays back pension contributions taken out of their salaries and suspend the new funded pension scheme.

The Metro workers intend to claim back the charges in a letter to the management. Members of “Dem Em” (I’m Against) action have joined the protesters, the TV channel reports.

The mandatory component of the new pension scheme has triggered public discontent. Representatives of political parties and non-governmental organizations do not believe increased pension tax will help ensure a fair pension and urge the authorities to give up the idea.

On January 24, the Armenian Constitutional Court suspended the enforcement of the new pension system and is now considering the matter. –0--

13:17 12.02.2014

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