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CIVIC INITIATIVE COLLECTS SIGNATURES AGAINST DEFINED CONTRIBUTION PENSION SYSTEM IN ARMENIA
by Ashot Safaryan
http://www.arminfo.am/index.cfm?objectid=B64D2C90-452E-11E3-AB100EB7C0D21663
Monday, November 4, 11:54
The Civic Initiative Against Compulsory Pension Contributions is
collecting signatures in Facebook against defined contribution pension
system in Armenia.
They believe that the law on defined contribution pension system is
contrary to the country's constitution.
"It implies a 5-9% cut in the wages in a country where 40% of people
are poor. It obliges the citizens who were born after 1974 to pay
contributions to some unknown funds just to get a pension when they
retire. But the point is that they will get no interest for their
money while the structures that control those funds will invest it
abroad and get super-profits. So, we urge the Human Rights Defender of
Armenia to dispute the constitutionality of the law. We have already
collected more than 7,000 signatures and are firmly resolved to use
all legal means to fight against this system," says the initiative.
From: A. Papazian
by Ashot Safaryan
http://www.arminfo.am/index.cfm?objectid=B64D2C90-452E-11E3-AB100EB7C0D21663
Monday, November 4, 11:54
The Civic Initiative Against Compulsory Pension Contributions is
collecting signatures in Facebook against defined contribution pension
system in Armenia.
They believe that the law on defined contribution pension system is
contrary to the country's constitution.
"It implies a 5-9% cut in the wages in a country where 40% of people
are poor. It obliges the citizens who were born after 1974 to pay
contributions to some unknown funds just to get a pension when they
retire. But the point is that they will get no interest for their
money while the structures that control those funds will invest it
abroad and get super-profits. So, we urge the Human Rights Defender of
Armenia to dispute the constitutionality of the law. We have already
collected more than 7,000 signatures and are firmly resolved to use
all legal means to fight against this system," says the initiative.
From: A. Papazian