BAKU, Azerbaijan, May 12
By Tamilla Mammadova – Trend:
Some 165,713 individuals left the state pension system in Georgia on their own will from January 1, 2019, said Georgia's Pension Agency, Trend reports citing Georgian media.
As reported, this is 4.4 percent of the country’s total population.
According to the legislation, individuals who are 40 years old, have the right to leave the system. Meanwhile, the participation in the system is obligatory for the persons under 40 years. Accordingly, 6 percent of the monthly salary of those participating in the pension system is transferred to a pension agency.
By March 2020, 278 people were completely excluded from the listing due to various reasons including death, retirement or disability, said the agency.
As of May 11, the volume of the pension fund in Georgia amounted to 736 million lari ($230.3 million) and up to 50 million lari (over $15 million) is transferred to the fund a month.
---
Follow the author on Twitter: @Mila61979356