On Friday Armenian President Serzh Sargsyan ratified draft amendments to the law on accumulate pensions, reports the press service of the Armenian President.
Earlier the I Am Against! movement asked Sargsyan to veto the bill.
According to the amendments, all state-funded companies, except security agencies, should switch to the accumulate pension system. Private companies should join it within the next three years. The amendments suggest replacing the compulsory pension contribution with a 5% social fee. The money will be transferred to the budget and then to employees' savings accounts. The changes were suggested by the ruling Republican Party. All the other parliamentary forces refused to support a law defied by 80% of citizens.