Georgia announces amount of accumulated pension fund

Georgia announces amount of accumulated pension fund

BAKU, Azerbaijan, Jan. 6

By Tamilla Mammadova – Trend:

About 563.5 million lari ($196.6 million) has been accumulated in the Georgian pensionfund since January 1, 2019, Trend reports referring to Georgian Pension Agency.

As reported, 959,548 citizens and 61,165 organizations are registered in the accumulated pension system, which has been operating in Georgia since January 1, 2019.

According to the developed scheme, six percent of the amount of citizen’s salary with a nominal annual income of less than 24,000 lari (about $8,400) will be transferred to his or her pension account; two percent will be paid by himself, two percent – by his employer, and two percent - by the state.

If the amount of an annual salary is between 24,000 lari (about $8,400) to 60,000 lari (over $20,900), the state will transfer only one percent.

The accumulated money will be returned to pensioners with interest (an average of seven percent per annum). At present, about 17.3 million lari (over $6 million) have already been credited to pensioners' accounts.

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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Follow the author on Twitter: @Mila61979356

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