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Pension Reform Protests To Be Staged In Armenia's Regions

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  • Pension Reform Protests To Be Staged In Armenia's Regions

    PENSION REFORM PROTESTS TO BE STAGED IN ARMENIA'S REGIONS

    February 07, 2014 | 11:59

    The Alaverdi members of Armenia's "I am against" civil movement will
    hold a huge demonstration in the city on Saturday, to express their
    dissatisfaction with the new pension law.

    Initiative member Marianna Pepanyan told the aforesaid to Armenian
    News-NEWS.am.

    "This is the third campaign we are organizing. [But] this time we
    will specifically complain because they are compulsorily deducing
    the mandatory pension payment from the employees," she said.

    A similar demonstration is expected to be held on the same day in
    Vanadzor city, in which the capital city Yerevan members of the
    "I am against" movement likewise will take part.

    The new cumulative pension plan, which formally came into force in
    Armenia on January 1, 2014, is mandatory for those born in and after
    1974 and voluntary for those born before 1974. In line with this plan,
    5 to 10 percent of the monthly salaries in Armenia will be deducted
    and mandatorily be allocated to cumulative pension funds; the latter
    will be reimbursed as pensions once a person turns 63 years old.

    On January 24, however, the Constitutional Court decided to suspend
    the execution of the some components of the Law on Cumulative
    Pensions pending the hearing of the petition submitted by the
    four non-ruling-coalition parliamentary forces--specifically, the
    Armenian National Congress, Prosperous Armenia, ARF Dashnaktsutyun,
    and Heritage--, and into the constitutionality of the several articles
    of the law.

    Notwithstanding this, some companies already are deducing the mandatory
    pension payment from the salaries of their employees.

    News from Armenia - NEWS.am




    From: A. Papazian
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