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FINANCE MINISTRY OF ARMENIA DOES NOT GIVE A HOOT ABOUT CONSTITUTIONAL COURT'S DECISION
by Alexandr Avanesov
Wednesday, February 5, 13:46
Finance Ministry of Armenia has disseminated a message in response
to the open letter by the public interest group "I am Against!"
Particularly, the ministry recommends making accumulative pension
payments and choosing a pension fund and a manager for it despite
anything.
"In compliance with Article 8.1 of the Law on Accumulative Pension of
the Republic of Armenia, employers are responsible for calculation
and transfer of accumulative payments. In addition, under Article
37 of the same law, the citizens that fall under the mandatory
accumulative pension system are to select a pension fund in line
with the requirements of Article 38 until the Constitutional Court
determines the constitutionality of Articles 5, 7, 8, 37, 38, 45, 49
and 86 of the Law on Accumulative Pension." The ministry claims that
the accumulative payments must be transferred to a special account
at the Finance Ministry 9 0000 804 70 20.
Meanwhile, the Constitutional Court of Armenia suspended some
provisions of the above law on 24 January 2014 until it considers
the constitutionality of the above eight articles on Mar 28 2014.
Decisions of the Constitutional Court cannot be disputed. The Court
suspended Article 76 stipulating responsibility for refusing to
make compulsory pension contributions or failing to do in time and
Paragraph 3 of Article 86 saying that the employees covered by the
system should choose a pension fund. The claim against eight articles
of the law has been laid by four opposition parliamentary groups:
Armenian National Congress, ARFD, Heritage and Prosperous Armenia.
To recall, the voluntary accumulative pension system was introduced in
Armenia on Jan 1 2011. The system will become compulsory starting Jan
1 2014. According to the bill, the minimal pension in the country will
be equal to the minimum wage, while the basic pension will total 150%
of the minimum wage. The compulsory accumulative pension system will
apply to the citizens born after Jan 1 1974 (the citizens below 40).
Starting Jan 1 2014, 5% of their salaries will be transferred to
their personal accumulative accounts. The government will transfer
a similar amount (but no more than 25,000 drams).
http://www.arminfo.am/index.cfm?objectid=D5B7C5A0-8E52-11E3-BA4E0EB7C0D21663
by Alexandr Avanesov
Wednesday, February 5, 13:46
Finance Ministry of Armenia has disseminated a message in response
to the open letter by the public interest group "I am Against!"
Particularly, the ministry recommends making accumulative pension
payments and choosing a pension fund and a manager for it despite
anything.
"In compliance with Article 8.1 of the Law on Accumulative Pension of
the Republic of Armenia, employers are responsible for calculation
and transfer of accumulative payments. In addition, under Article
37 of the same law, the citizens that fall under the mandatory
accumulative pension system are to select a pension fund in line
with the requirements of Article 38 until the Constitutional Court
determines the constitutionality of Articles 5, 7, 8, 37, 38, 45, 49
and 86 of the Law on Accumulative Pension." The ministry claims that
the accumulative payments must be transferred to a special account
at the Finance Ministry 9 0000 804 70 20.
Meanwhile, the Constitutional Court of Armenia suspended some
provisions of the above law on 24 January 2014 until it considers
the constitutionality of the above eight articles on Mar 28 2014.
Decisions of the Constitutional Court cannot be disputed. The Court
suspended Article 76 stipulating responsibility for refusing to
make compulsory pension contributions or failing to do in time and
Paragraph 3 of Article 86 saying that the employees covered by the
system should choose a pension fund. The claim against eight articles
of the law has been laid by four opposition parliamentary groups:
Armenian National Congress, ARFD, Heritage and Prosperous Armenia.
To recall, the voluntary accumulative pension system was introduced in
Armenia on Jan 1 2011. The system will become compulsory starting Jan
1 2014. According to the bill, the minimal pension in the country will
be equal to the minimum wage, while the basic pension will total 150%
of the minimum wage. The compulsory accumulative pension system will
apply to the citizens born after Jan 1 1974 (the citizens below 40).
Starting Jan 1 2014, 5% of their salaries will be transferred to
their personal accumulative accounts. The government will transfer
a similar amount (but no more than 25,000 drams).
http://www.arminfo.am/index.cfm?objectid=D5B7C5A0-8E52-11E3-BA4E0EB7C0D21663