Public interest group ‘Against 5% compulsory pension payments’ vows to struggle till the end
The introduction of compulsory accumulative pension system will do a huge harm to Armenia, members of the public interest group ‘Against 5% compulsory pension payments’ Hayk Avetisyan and Harutyun Aghlamazyan said at a press conference in Yerevan on Monday.
“We will struggle against the law till the end, we are going to organize strikes and rallies, the law should not operate in this way,” they said.
The activists also said that the public interest group has examined the negative consequences of the law on accumulative pension system, as well as the international experience of operating accumulative pension funds.
On November 15, the special session of Armenian parliament convened for the discussion of the postponement for a year of the introduction of compulsory accumulative pension system did not take place due to no quorum. The ruling Republican Party of Armenia did not appear for the session.
The Law on the Accumulative Pension System enters into force on January 1, 2014. The law stipulates that Armenian citizens born after 1974 must transfer from 6.6% to 13% of their wages to the pension fund.