Pension Agency reveals amount of funds accumulated in Georgia's pension fund
BAKU, Azerbaijan, August 4
By Tamilla Mammadova – Trend:
About 890 million lari ($288.49 million) has been accumulated in Georgia's pension fund as of August 3, 2020, Trend reports referring to Georgian Pension Agency.
As reported, 1.7 percent of this amount was invested, with the pensioners' consent, in term deposits, 25.2 percent - in interest-bearing accounts, and 73.1 percent in certificates of deposit.
"Currently, 100 percent of pension assets are denominated in the Georgian national currency, the lari. The interest accrued on pension assets is 68 million lari ($22.2 million)", says the agency.
The employed in Georgia transfer money to the country’s pension savings system which was launched on January 1, 2019.
The accumulated pension system is mandatory for legally employed people under 40, meaning they will be enrolled automatically. For the self-employed and those above the age of 40, enrollment in the program is voluntary.
The pension savings system applies to Georgian citizens, foreign citizens living in Georgia with permanent residency in the country and stateless persons who are employed or self-employed and receive an income. This system applies to employees of both the public and private sectors.
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