YEREVAN. – A large rally against mandatory cumulative pension plan will be staged in Yerevan on March 22, MP from ARF Dashnaktustun said in parliament.

Artsvik Minasyan noted that police abused power during the rally on March 7, adding that the right to peaceful protests is a constitutional right of Armenian citizens.

Minasyan said neither Economy Ministry, nor Ministry of Finance, Justice and State Revenue Committee gave substantial response to his applications.

He called on Armenian citizens to join the rally and protect their right to manage their income by themselves.

The new funded 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.     

Photo by Arsen Sargsyan/NEWS.am