YEREVAN. – The youth, who are fighting against the new cumulative pension law in Armenia, on Saturday walked along the main streets of capital city Yerevan, and wearing Santa Claus costumes.   

The youth gave out candy and informed the people about the risks of the mandatory component of the aforesaid law and about the rally to be held on December 17 (PHOTOS).

“We have come from distant Lapland to help our friends that are fighting against the new law on cumulative pensions,” they stated. 

In addition, the “Santa Clauses” are congratulating the people on the coming New Year holidays. 

To note, the new cumulative pension plan—which will come into force on January 1, 2014—will be mandatory for those born in and 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; the latter will be reimbursed as pensions once a person turns 63 years old.