YEREVAN. – ARF Dashnaktsutyun will issue a written statement in connection with Constitutional Court’s decision to suspend implementation of the mandatory component of the new pension plan.

“We will issue a statement soon and will fully express our position on the matter. Before doing that, I would prefer to refrain from comments,” ARF MP Aghvan Vardanyan told Armenian News-NEWS.am.

The Constitutional Court (CC) of Armenia on Saturday suspended the implementation of the mandatory component of the Law on Cumulative Pensions.   

The new cumulative pension plan, which formally came into force in Armenia on January 1, 2014, is mandatory for those born in and after 1974 and voluntary for those born before 1974. In line with this plan, 5 to 10 percent of the monthly salaries in Armenia will be deducted and mandatorily be allocated to cumulative pension funds; the latter will be reimbursed as pensions once a person turns 63 years old.