by Elita Babayan
Nearly 90% of pension contributions have already been made, Armenian Finance Minister David Sargsyan told journalists on Wednesday.
He said that deductions have been made by each and every employer. The Minister blamed the unabiding employers for using their employees' pension money at their own discretion. "If the pension payments were transferred to the employees' pension accounts, the employees themselves would receive the interest", he said. Sargsyan warned the employers that they will carry "double" responsibility for the violation.
Minister Sargsyan refused to comment on the Constitutional Court's decision on suspension of some provisions of the new pension law. "When an employer deduces some amount from the employees' wages but keeps it in his personal possession, the employees have the right to bring such an employer to responsibility", he said. He added that the state will take measures to prevent the employers from obtaining profit from their employees' pension contributions.
To note, the compulsory accumulative pension system came into effect on 1 Jan 2014. Most of Armenia's citizens are protesting against the new pension system.
Four parliamentary groups have applied to the Constitutional Court to consider the compliance of the pension reform with the Constitution of Armenia.