YEREVAN.  – President of Armenia Serzh Sargsyan signed amendments to the law on pensions.

The Armenian parliament  adopted the bill on making amendments to the Law on Funded Pensions in the second and final reading during a special session on Saturday.  

Earlier activists from “I am against” initiative addressed the president asking to veto the law.

Their dissatisfaction with this bill is due to the fact that the mandatory funded pension deductions from the employees’ salaries have remained in the law in the financial sense, and only the wording has changed. Accordingly, these salary cuts have been renamed mandatory social payment deductions, which are effective as of July 1, 2014 for the public servants and as of July 1, 2017 for the private sector workers.