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ARMENIA'S PUBLIC COUNCIL CONCERNED OVER CUMULATIVE PENSION BILL
22:05 ~U 21.11.13
Armenia's Public Council has concerns over the plan to introduce the
compulsory pension accumulation system in the light of the increasing
complaints by different citizens.
A special working group has now been launched to study the
appeals filed, Vazgen Safaryan, the chairman of the Council's
Financial-Economic and Budgetary Affairs, told Tert.am.
"We have received over 2,000 appeals, complaints from [citizens]
working in high-salaried positions, [particularly] in the IT sector. A
working group has been set up by the Public Council's president to
study the questions, organize public debates and submit corresponding
proposals to the Government," he said.
Safaryan noted that the law, adopted three years ago, contains
several controversial clauses whose implications hadn't been properly
studied then.
"Particularly, the selection of regulating operators. Secondly, the
law envisages [compulsory] payments in the amount of 10 percent of
the income, but when the income tops 500,000 Drams (over $1,200),
the Government's share decreases, imposing a higher pay duty on the
one from whom the money is to be charged," he said.
Safaryan added that the proposed bill also conflicts the constitutional
provision allowing a person to fully control his property. He said
that by making compulsory payments for years, a person thus becomes
deprived of that freedom until reaching the retirement age.
Armenian News - Tert.am
22:05 ~U 21.11.13
Armenia's Public Council has concerns over the plan to introduce the
compulsory pension accumulation system in the light of the increasing
complaints by different citizens.
A special working group has now been launched to study the
appeals filed, Vazgen Safaryan, the chairman of the Council's
Financial-Economic and Budgetary Affairs, told Tert.am.
"We have received over 2,000 appeals, complaints from [citizens]
working in high-salaried positions, [particularly] in the IT sector. A
working group has been set up by the Public Council's president to
study the questions, organize public debates and submit corresponding
proposals to the Government," he said.
Safaryan noted that the law, adopted three years ago, contains
several controversial clauses whose implications hadn't been properly
studied then.
"Particularly, the selection of regulating operators. Secondly, the
law envisages [compulsory] payments in the amount of 10 percent of
the income, but when the income tops 500,000 Drams (over $1,200),
the Government's share decreases, imposing a higher pay duty on the
one from whom the money is to be charged," he said.
Safaryan added that the proposed bill also conflicts the constitutional
provision allowing a person to fully control his property. He said
that by making compulsory payments for years, a person thus becomes
deprived of that freedom until reaching the retirement age.
Armenian News - Tert.am