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Funded Pension Law Passed in Second Reading: Ruling Party Members Voted for Each Other

Armenia's National Assembly today adopted the revised law on the funded pension system, with 67 votes in favor — just one vote more than required for the law to be adopted. 

According to the Epress.am correspondent in parliament, during the voting, lawmakers from the ruling Republican Party of Armenia were clearly voting for each other. 

18 MPs voted against the bill, while 29 abstained. 

Voting against were the Heritage Party, Rule of Law, and Armenian National Congress factions, apart from MP Hrant Bagratyan who abstained. 

Recall, the bill was passed at its first reading on May 13 with 68 votes in favor.

The initial law on funded pension was amended after the Constitutional Court last month ruled that the mandatory component of the law was unconstitutional, giving the Government of the Republic of Armenia and the RA National Assembly until September 30 this year to revise the law to comply with the requirements of the ruling.

"In the meantime, it said," according to RFE/RL's Armenian service (Azatutyun), "the authorities can continue forcing workers aged 40 and younger to transfer sums equivalent to 5 percent of their gross wages to private pension funds."

The revised bill will allow workers to now opt out of the funded pension system. 

Tekali Taxi