BAKU, Azerbaijan, Jan. 8
By Tamilla Mammadova – Trend:
Amendments were made to the law in 2020, which provides an automatic mechanism for reviewing pensions each year in Georgia, Trend reports via Georgian media.
As a result, pensions of people less than 70 years old will increase by a minimum 20 lari ($6.08) and reach 240 lari ($72.95), while for people above 70 years it will increase by a minimum of 25 lari ($7.60) and reach 275 lari ($83.58) from 2021.
According to the draft budget for 2021, a total of 2.6 billion lari ($790.2 million) should be spent on the pension of the population. This is 370 million lari ($112.4 million) more comparing to 2020.
Along with the budget increase, it is interesting to look at how the purchasing power of the pension is changed. If to compare the amount of the basic pension in USD, the pension in USD had been the highest in 2013. A pension of 150 lari ($45.59) equaled $86.
In 2020, a pension of 220 lari ($66.87) only amounted to $66.8. If the national currency is not devaluated in 2021, a pension of 240 lari ($72.95) will be equivalent to $72.9, which is still less than the 2013 pension.
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