Parliament approves amending controversial pension law

YEREVAN, JUNE 21, ARMENPRESS. The parliament adopted the bill on amending the law on accumulative pension fund today at second hearing.

73 MPs voted in favor, 2 voted against and 4 abstained.

Under the law, the accumulative pension’s mandatory component will be fully initiated from July 1, with an additional 80,000 citizens being added to the system. However, under the amendments, citizens will be taxed 2,5% instead of the previous 5% of their monthly salaries for the pension system. The government will cover the remainder, which is 7,5%. Previously citizens were taxed 5% and the government covered the remaining 5%.

Edited and translated by Stepan Kocharyan