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VTB Bank (Armenia) reopens three more renovated branches

VTB Bank (Armenia) reopens three more renovated branches

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Artak Zakaryan: Armenia is ready to cooperate with the EU in all the fields possible

Civil initiative "Dem em" (I am against) to hold an action "March to support"

  • Monday, June 9, 18:04

 The "Dem.em" [I am against] movement, which is a civic initiative that opposes the mandatory component of the new funded pension law in Armenia, invited everyone to nearby capital city Yerevan's the Matenadaran on 11 June, where a March of Support will kick off, the "Dem. em" reported.

"Let's all become one fist and support our numerous citizens who are being put under pressure by their employers who, in their turn, are under the pressure of the authorities. A large part of our citizenry is deprived of the opportunity to write a petition not to participate in the mandatory funded pension plan, which was declared unconstitutional.

"We call on all those, who have an opportunity to write a petition, not to remain indifferent toward the oppressed citizens and to make the March of Support strong with their presence.

"And we call on the citizens under pressure to definitely join the march to feel the support of us all," the "Dem.em" statement reads, in particular.
The new funded pension plan, which formally came into force in Armenia on January 1, 2014, is mandatory for those born in and after 1974 and voluntary for those born before 1974. In line with this plan, 5 to 10 percent of the monthly salaries in Armenia will be deducted and mandatorily be allocated to cumulative pension funds; the latter will be reimbursed as pensions once a person turns 63 years old.      

On January 24, however, the Constitutional Court decided to suspend the execution of some components in the Law on Funded Pensions pending the hearing of the petition submitted by the four non-ruling-coalition parliamentary forces, and into the constitutionality of the several articles of the law. The Armenian government made alterations to the document which foresees refusal of citizens to take part in the given system till 30 September of the current year, the term given by the constitutional Court to the government to make the law meet the Constitution.

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