Armenia adopted a new pension system on January 1, according to the new law on pensions signed by President Serzh Sargsyan on December 28.
5% of salaries in Armenia will be allocated to a private pension fund. The government will add an equal amount of money.
Armenians earning over 500,000 drams (about $1,233) will have state allocations worth a maximum of 25,000 drams (about $62)
The public was outraged by the new system. A protest started in Yerevan on December 14. Activists dressed as Santa Claus and demanded the system to be abolished.
