Parliament votes down mandatory cumulative pension law delay

December 4, 2013 - 18:06 AMT

PanARMENIAN.Net - Armenian parliament voted down suggestion of a year-long delay for introduction of a mandatory cumulative pension law, with 46 votes in favor and 56 against.

The suggestion was initiated by the Prosperous Armenia, Armenian National Congress, Heritage and ARFD parliamentary groups.

As ARFD faction secretary Aghvan Vardanyan told journalists following the vote, the parliamentary group will appeal against the law in Constitutional Court.

Hundreds took to the streets in Yerevan to protest the decision, having marched from the Ombudsman’s office to the governmental building.

The office of the human rights defender joined the protesters in their decision to address the Constitutional Court to determine whether the parliament’s decision is in line with the country’s Constitution.

New protest actions, including a motor protest and a mass rally were scheduled for December 5.

The law, to come into force January 1, envisages for employees under 40 to allocate 5% of their monthly salaries to cumulative accounts with the government to add another 5%.