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CONSTITUTIONAL COURT CONSIDERATION OF FUNDED PENSION SCHEME STARTED IN ARMENIA
YEREVAN, March 28. /ARKA/. Armenia's Constitutional Court started
considering the issue on the newly introduced funded pension system
Friday.
Parliament deputy from Dashnaktsutiun Artsvik Minasyan spoke on behalf
of claimants.
The new pension system requires that all Armenian citizens born after
1973 pay social security taxes equivalent to 5 percent of their
monthly wages. As much is to be allocated by the government. That
money has to be deposited with private pension funds licensed by the
government late last December.
On January 24 Armenia's Constitutional Court suspended last month
Article 76 of the new pension law, which provides for penalties for
failed or delayed pension tax payments, and the third paragraph of
Article 86, which obligates employed citizens to choose a pension fund,
among other parts of the law. The Court will conclude the inquiry on
March 28, 2014.
The constitutionality of the law was challenged by three opposition
parties in the National Assembly -- the Armenian National Congress,
the Armenian Revolutionary Federation, and the Heritage Party --
along with the usually pro-government Prosperous Armenia Party.
According to a poll by Gallup International Association, over 88% of
some 1,066 respondents in Yerevan have not supported the new funded
pension scheme. -0--
- See more at:
http://arka.am/en/news/society/constitutional_court_consideration_of_funded_pensi on_scheme_started_in_armenia/#sthash.r7WtdCja.dpuf
YEREVAN, March 28. /ARKA/. Armenia's Constitutional Court started
considering the issue on the newly introduced funded pension system
Friday.
Parliament deputy from Dashnaktsutiun Artsvik Minasyan spoke on behalf
of claimants.
The new pension system requires that all Armenian citizens born after
1973 pay social security taxes equivalent to 5 percent of their
monthly wages. As much is to be allocated by the government. That
money has to be deposited with private pension funds licensed by the
government late last December.
On January 24 Armenia's Constitutional Court suspended last month
Article 76 of the new pension law, which provides for penalties for
failed or delayed pension tax payments, and the third paragraph of
Article 86, which obligates employed citizens to choose a pension fund,
among other parts of the law. The Court will conclude the inquiry on
March 28, 2014.
The constitutionality of the law was challenged by three opposition
parties in the National Assembly -- the Armenian National Congress,
the Armenian Revolutionary Federation, and the Heritage Party --
along with the usually pro-government Prosperous Armenia Party.
According to a poll by Gallup International Association, over 88% of
some 1,066 respondents in Yerevan have not supported the new funded
pension scheme. -0--
- See more at:
http://arka.am/en/news/society/constitutional_court_consideration_of_funded_pensi on_scheme_started_in_armenia/#sthash.r7WtdCja.dpuf