YEREVAN. – On Saturday afternoon, those protesting against the new cumulative pension plan in Armenia headed from capital city Yerevan’s Liberty Square to Republic Square on bicycles (PHOTOS).

“Our main objective is to make people become aware because, come January, all this will reflect on their own income. Subsequently, we will petition to the Constitutional Court,” a bike rally participant said.        

Mothers, with their small children, joined the protest with their baby strollers. 

“This law will impact my child, too; that’s why I have brought him along,” the mother of a one-year-old told Armenian News-NEWS.am.  

Holding flags that read “I am against the cumulative,” more than twenty cyclists are passing through the central streets of Yerevan and distributing flyers. 

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