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ARMENIA'S CENTRAL BANK RESPONDS TO CONSTITUTIONAL COURT'S DECISION
YEREVAN, January 24. / ARKA /. Armenia's Central Bank was quick to
respond to today's decision of the Constitutional Court to suspend
several provisions of the law on funded pension system.
Andranik Grigoryan, a central bank senior official, said the decision
would affect the international rating of the country's financial
market.
The highest court of the country has ruled today to suspend Article 76
(providing for penalties for the failure or delay to make mandatory
pension payments) and the third paragraph of Article 86 (according to
which workers must choose a pension fund and a manager). The hearing
of the case will end March 28, 2014.
"We believe that the (pension) reform will continue, but if for some
reason it will not, it will have very negative effects. Particularly,
it may adversely affect the credibility and the rating our country
in the international market," he told a news conference.
The constitutionality of eight articles of the law was challenged
by three opposition factions of the National Assembly -
the Armenian National Congress, the Armenian Revolutionary
Federation/Dashnaktsutyun, the Heritage and the Prosperous Armenia
Party.
The new pension system requires that all Armenian citizens born
after 1973 pay social security taxes equivalent to 5 percent of their
monthly wages. That money has to be deposited with private pension
funds licensed by the government late last December. -0-
- See more at:
http://arka.am/en/news/economy/armenia_s_central_bank_responds_to_constitutional_ court_s_decision_/#sthash.ruW5M6M5.dpuf
From: Baghdasarian
YEREVAN, January 24. / ARKA /. Armenia's Central Bank was quick to
respond to today's decision of the Constitutional Court to suspend
several provisions of the law on funded pension system.
Andranik Grigoryan, a central bank senior official, said the decision
would affect the international rating of the country's financial
market.
The highest court of the country has ruled today to suspend Article 76
(providing for penalties for the failure or delay to make mandatory
pension payments) and the third paragraph of Article 86 (according to
which workers must choose a pension fund and a manager). The hearing
of the case will end March 28, 2014.
"We believe that the (pension) reform will continue, but if for some
reason it will not, it will have very negative effects. Particularly,
it may adversely affect the credibility and the rating our country
in the international market," he told a news conference.
The constitutionality of eight articles of the law was challenged
by three opposition factions of the National Assembly -
the Armenian National Congress, the Armenian Revolutionary
Federation/Dashnaktsutyun, the Heritage and the Prosperous Armenia
Party.
The new pension system requires that all Armenian citizens born
after 1973 pay social security taxes equivalent to 5 percent of their
monthly wages. That money has to be deposited with private pension
funds licensed by the government late last December. -0-
- See more at:
http://arka.am/en/news/economy/armenia_s_central_bank_responds_to_constitutional_ court_s_decision_/#sthash.ruW5M6M5.dpuf
From: Baghdasarian