Parliament suspends compulsory component of cumulative pension law

Parliament suspends compulsory component of cumulative pension law

PanARMENIAN.Net - Armenian parliament adopted the amendments to the funded pension law thus suspending its ‘compulsory’ component, ARKA reported.

The bill was passed with 38 votes for and 12 against. Thirty six deputies abstained from voting.

Earlier, at a special parliament session on April 23, Prime Minister Hovik Abrahamyan submitted seven provisions to lay groundwork for the pension reform and guide the social and political forces in the process. Under these provisions, the ‘compulsory’ component of the reforms was de-facto suspended.

Non-coalition factions of Prosperous Armenia, ARF Dashnaktsutiun and Orinats Yerkir said they did not oppose to the bill as it was half a step ahead of the previous law, but abstained from the vote.

The Armenian National Congress and the Heritage factions voted against the amendments.

Under the amendments, Armenian citizens who want to get a refund for the pension fees charged since January 1 2014 should write an application.

The amendment provisions are temporary and will be valid until legislation is changed as required by the April 2 Constitutional Court ruling (deadline for the final law is September 30).

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