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Armenian President Armen Sarkissian has today signed into law the parliament-adopted bill on mandatory funded pension system, the presidential press service told Panorama.am.

The draft law overwhelmingly passed by the National Assembly last Wednesday requires the Armenian employed population born after 1973 to invest 2.5 percent of their monthly salaries to the pension funds that will manage their assets before they reach retirement age.

The measure will take effect starting from July 1.

Among the other bills signed into law by the president are the ones proposing amendments and supplements to Armenia’s Tax Code, to the law “On Charity”, the law “On Military Service and Status of Servicemen”, as well as the bill on making amendments to the law “On Normative Legal Acts”, etc.