Armenian Government Responds to Constitutional Court Ruling on Pension Law

The Government of the Republic of Armenia will adopt a program for further action concerning the funded pension system after receiving and reviewing the Constitutional Court’s ruling, according to a statement issued by the Armenian government published on its website.

"The Constitutional Court emphasized as follows: the experience of over 50 countries has shown that the introduction of the funded pension system increases stability and well-being in the country. At the same time, the Court has stated that there are flaws in the law that need to be corrected by September 30, 2014. The Government shall advance this radical reform aimed at increasing people’s well-being along the path of constitutional arrangements," reads the statement.