For civil servants accumulative pension will be made compulsory on July 1 2014 but for the private sector it will become compulsory within three years, says the amended law on accumulative pensions approved by the Armenian Government in compliance with the Constitution.
The new law makes changes to pension contributions and suggests a 5% contribution for those whose monthly salary is not higher than 500,000 AMD. For those earning more will pay 25,000 AMD.
According to Armenia's Prime Minister Hovik Abrahamyan, on July 1 almost 200,000 civil servants will enjoy a raise in their wages. "For this purpose we will budget additional 38bln AMD," Abrahamyan said.