Your trusted source

Armenia’s Constitutional Court (CC) resumed today the examination of the Law on Accumulative Pensions. The court began examining the constitutionality of several provisions of the law on March 28 and CC chairman Gagik Harutyunyan proposed adjourning the proceedings until March 31.

Today the court will hear the positions of the government and the Central Bank of Armenia representatives and then the sides must prepare their closing arguments.

The four non-coalition factions of Armenian parliament – ARFD, Prosperous Armenia Party, Armenian National Congress and Heritage – filed a lawsuit to challenge the constitutionality of several provisions of the Law on Accumulative Pensions as the compulsory component of the accumulative pension system was introduced in Armenia on January 1, 2014.

Under the law, citizens born after January 1, 1974 must make 5 percent compulsory payments from their wages to a private pension fund, with another 5 percent to be paid by the state.