Armenian parliamentary majority declines minority motion to postpone new pension system

YEREVAN, December 4. / ARKA /.  By a vote of 54 to 46 Armenia’s parliament has declined today a minority motion to postpone the introduction of mandatory funded pension system for one year.

The motion was initiated by Prosperous Armenia, Armenian National Congress, Heritage and the Armenian Revolutionary Federation/ Dashnaktsutyun (ARF) parties.

"We gave the parliamentary majority a chance to resolve this controversial question within the walls of the parliament, but it declined our proposal. Therefore, we will address this issue in other places," a parliament member from the Armenian National Congress, Aram Manukyan, said to reporters.

Aghvan Vardanyan from the ARF told journalists that his party would appeal to the Constitutional Court to challenge the law in question.

Another ARF lawmaker, Vahan Hovhannisyan, called on the head of the ruling Republican Party of Armenia’s faction Galust Sahakyan to go and explain to hundreds of mostly young people protesting outside the parliament building against the law the reasons why the ruling party killed the motion.

In response Sahakyan said he would  go to talk to some 1000 people who are against the law.

Under the new pension plan to come into effect in January 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. The government promises to transfer as much every month, but no more than 25,000 drams ($62). ($ 1 - 403.91 drams). -0 -