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Activists picketing Government building over mandatory accumulative pension system

  • by Marianna Mkrtchyan

  • Thursday, February 6, 12:07

 An action of protest began earlier this morning in front of the Armenian Government. People are protesting against application of the mandatory accumulative pension in the country.

According to ArmInfo's correspondent, several hundreds of people have gathered in front of the Government and their number keeps growing. Picketers carry banners reading "I'm Against!" They are expected to march towards the main building of the government where the government session is underway. Leader of Heritage Party Raffi Hovannisian has joined the picketers.

To recall, the voluntary accumulative pension system was introduced in Armenia on Jan 1 2011. The system will become compulsory starting Jan 1 2014. According to the bill, the minimal pension in the country will be equal to the minimum wage, while the basic pension will total 150% of the minimum wage.  The compulsory accumulative pension system will apply to the citizens born after Jan 1 1974 (the citizens below 40). Starting Jan 1 2014, 5% of their salaries will be transferred to their personal accumulative accounts. The government will transfer a similar amount (but no more than 25,000 drams).

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