Armenian Constitutional Court declares disputed provisions of pension law invalid
Armenia's Constitutional Court has declared invalid the controversial amendments to the law “On Funded Pensions”.
At a hearing on Wednesday, it ruled that all the provisions declaring the pension accumulation system mandatory conflict with the country's basic law.
The disputed provisions, which went into effect on January 1, required that all the Armenian citizens born after 1973 make monthly contributions to the pension funds in the amount of 5%-10% of their salaries. The reforms met strong protest by the society, with many expressing distrust in the system and considering them a restriction on an individual’s right to manages his or her own assets independently.
The political forces representing the parliamentary opposition (Heritage, Armenian Revolutionary Federation-Dashnaksutyun, Prosperous Armenia and the Armenian National Congress) appealed to the Constitutional Court in December, asking it to consider the constitutionality of the provisions in question. On January 1, the CC ruled to suspend the mandatory component of the law. The second hearing, held on March 28, was adjourned. The third hearing was held on March 31.
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