Dozens of workers from the Yerevan metro named after Karen Demirchyan are holding protests near the metro's administrative building against the introduction of a mandatory funded pension system, Armenian ARKA agency reported with reference to the Gala-TV channel.
Starting from January 1, 2014, Armenia is implementing a mandatory funded pension system which includes all citizens born after January 1, 1974.
This pension system's essence lies in the fact that workers will contribute five percent from salaries to their savings accounts each month and the state will make another five percent contribution for entrepreneurs.
The workers are demanding that the leadership returns funds collected from their salaries for pension transfers, despite the suspension of the funded pension system's activity, according to the report.
"The metro employees intend to present a letter of application to the leadership demanding a return of their collected funds. The protest was also joined by the members of the 'I am against' movement, the TV channel reported.
The mandatory component caused discontent in with the Armenian public. Representatives of political parties and public organisations protesting against the law do not believe that the mandatory fund contributions to the pension will provide them with a decent pension and urge the authorities to abandon the idea.
Following the mass protests and an appeal to the Armenian constitutional court, the court suspended some provisions of the law 'On the funded pensions' on January 24 until the end of a review on the constitutionality of the law's eight articles on March 28, 2014
Translated by E.A.
Edited by S.M.
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