16:18, 23 April 2014

Armenian Prime Minister speaks out against implementation of pension reform in its current form

Participant of the action against the pension reform holds a poster "I'm against the mandatory component". Yerevan, April 18, 2014. Photo by Armine Martirosyan for the "Caucasian Knot"

Ovik Abramyan, the newly appointed Prime Minister of Armenia, has stated that in the country, the mandatory component of the pension reform is suspended until the adoption of the legislative package complying with the requirements of the Constitutional Court (CC). This was reported on the official website of the Armenian government.

According to Ovik Abramyan, on April 28, the Parliament of Armenia will start discussing the draft law, according to which, until the adoption of the legislative package based on the CC's decision of April 2, the imposition of fines for failure to transfer pension savings payments will be suspended. The Prime Minister has stated that the Parliament of Armenia will work under the formula "Pension reforms with maximum flexibility". According to Ovik Abramyan, the country needs a solution that will be beneficial for all people and that will encourage citizens to participate in the pension process.

The "Caucasian Knot" has reported that, starting from January 1, 2014, Armenia has enforced the mandatory component of the accumulative pension system. The discussion of innovations in the state pension system took place against widespread protests.