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Representatives of ‘I am against’ civil initiative have gathered outside the parliament building protesting the bill on amendments to the Law on Accumulative Pension. 

At a special session today, the National Assembly will vote on the bill submitted by the government.

‘I am against’ initiative claims that the provisions of the bill are anti-constitutional and also say that none of their proposals was included in the bill.

At a special session on Tuesday, the Armenian government approved bills on making amendments to a number of laws, including the Law on Accumulative Pension. According to the bill, the compulsory component of the accumulative pension system will be replaced by target social benefits equal to 5% of the wage rate. The new system is expected to be introduced from July 1, 2014. It will be first used in the government sector and later will involve the private sector, where it will be used on a voluntary basis. It is proposed not to deduct the social benefit in case the monthly salary exceeds AMD 500,000.