YEREVAN. – Armenia’s ruling party said any amendments to law on accumulative pension system are excluded at the moment.

Galust Sahakyan, head of the Republican Party of Armenia faction, assured the law will come into force on January 1.

“I think some problems may arise during the practical implementation. In this case, certain changes will be necessary in terms of application of law,” he told reporters on Friday.

The idea of accumulative pension system is not new and is functioning all over the globe, Sahakyan said, adding that every Armenian must make his contribution to economy development and “mandatory element is contribution as well”.

The reform has caused concerns of citizens in connection with pension payments (from 5% to 10%), as well as doubts about the safety of money in private funds.

Non-coalition forces of the Armenian parliament – ARF Dashnaktsutyun, ANC, Heritage and Prosperous Armenia – were trying to hold a special session on pension reforms last week, but their attempts failed as parliamentary majority ruined the vote.

Photo by Arsen Sargsyan/NEWS.am