Armenia's Parliament adopts introduction of new pension system since 2014

The Parliament of Armenia has rejected, by a majority vote, the proposal brought by the oppositional factions of the "Prosperous Armenia", Armenian National Congress (ANC), Armenian Revolutionary Federation (ARF) "Dashnaktsutyun" and "Heritage" to postpone – by one year – the implementation of the law on the mandatory accumulation pension system. During the session, protests were held near the building of the Parliament.

The "Caucasian Knot" has reported that Armenia plans to introduce the mandatory accumulation pension system since January 2014; about 250,000 persons will switchover to it. According to the reform, citizens with salaries of up to 500,000 drams (about 40,000 Russian roubles) will be obliged to make contributions to the pension fund in the amount of 5% of their salary; while other 5% to their personal accounts will be added by the state. Those who have salary of over 500,000 drams will receive no more than 25,000 drams (about 1600 Russian roubles). The debates on the issue of the mandatory accumulation pension system run at the background of protests.

Out of the 107 MPs registered before the today's session, 53 parliamentarians have voted for the system, with 45 MPs who have voted against it, the "Caucasian Knot" correspondent reports.

Aram Manukyan, the secretary of the ANC faction, told reporters that the above four oppositional factions were going to appeal to the Constitutional Court of Armenia to define whether the bill on the above pension reform is compliant with the Constitution.