Weekly Client Alert # 21

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PARLIAMENT BILLS

 

Amendments to the Labor Code

According to the amendments to the Labor Code

  • Substantial working conditions for a child caregiver cannot be changed to less favorable during the entire period, except for job titles and/ or categories;
  • Paternity leave is provided up to 5 working days (paid leave) within 30 days of the child's birth;
  • The employer is prohibited from terminating an employment contract concluded with a person who does not correspond to the requirements of the position or work performed, if the latter is caring for a child under the age of one year.
  • The employer is prohibited from terminating the employment contract concluded with a person taking care of a child and is not on leave during the whole working day (shift) due to disrespectful reasons.

 

The bill has been adopted by the National Assembly of the Republic of Armenia in the second reading.

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FInancial sphere

 

Refinance Rate Cut

The Central Bank has cut the refinancing rate by 0.25 percentage point, setting it at 4.25%. This step is a part of the policy of the Central Bank being implemented during the current crisis situation and aimed at adding to the monetary stimulus not only with short but also middle-term effects. The relevant decision was adopted by the Board of the Central Bank at the meeting held on September 15.

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