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President inks law to halt mandatory funded pension

President inks law to halt mandatory funded pension

PanARMENIAN.Net - President Serzh Sargsyan signed a law to introduce amendments to the law on mandatory funded pensions on Monday, May 26. The amendment stipulate for cancellation of fines for non payment of pension fees till a new legislation is adopted before September 30.

Earlier on May 15, Armenia’s National Assembly passed a law at a session to suspend mandatory funded pensions.

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).

The bill was passed with 67 votes for and 18 against; 29 MPs abstained from voting. Non-coalition Prosperous Armenia, ARF Dashnaktsutiun and Orinats Yerkir factions said they did not oppose to the bill as it was half a step ahead of the previous law, but abstained from the vote.

Orinats Yerkir faction voted against the bill in this second reading, as, the secretary of the faction Hovhannes Margaryan said, the government turned down their proposal to allow citizens that are against the new system withdrawing of payments without application.

The Armenian National Congress and the Heritage factions also voted against the amendment.

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