YEREVAN. – A rally against mandatory cumulative pension plan organized by the “I am against” civic initiative has kicked off in Liberty Square (photo).

The aim of the rally is to demand that Constitutional Court must recognize invalid the provisions of the law on  mandatory cumulative pension plan.

Four non-coalition parliamentary forces – the Armenian National Congress, Prosperous Armenia, ARF Dashnaktsutyun, and Heritage  – joined the protesters.

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.     

On January 24, however, the Constitutional Court decided to suspend the execution of some components in the Law on Funded Pensions pending the hearing—on March 28—of the petition submitted by the four non-ruling-coalition parliamentary forces—the Armenian National Congress, Prosperous Armenia, ARF Dashnaktsutyun, and Heritage—, and into the constitutionality of the several articles of the law.