Georgia considers pensions' increase

Finance Materials 13 May 2020 17:29 (UTC +04:00)

BAKU, Azerbaijan, May 13

By Tamilla Mammadova – Trend:

The Government of Georgia has submitted legislative amendments on state pension to the Parliament, Trend reports via the Georgian First channel website.

As reported, the draft law will be initiated at sitting of the bureau on May 13.

According to the amendments, the pension for people under 70 will increase by 20 lari ($6.25) per annum. For those who are over 70, the amount of the pension will be increased by 25 lari ($7.81) per annum.

As the government said, as of April 2020, there are 770,000 pensioners in Georgia. Their pension amounts to 220 lari ($68.74). The government plans to increase the amount of the pension by 30 lari ($9.37) from July 2020.

Some 165,713 individuals left the state pension system in Georgia on their own will from January 1, 2019, said Georgia's Pension Agency earlier.

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.

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.


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