BAKU, Azerbaijan, Dec.18
By Tamilla Mammadova – Trend:
At present, 1.10 beneficiaries are involved in the pension scheme, and the value of the fund exceeds 151 billion, Trend reports via the Pension Agency.
According to the agency, 591 people benefited from the accumulative pension, including 258 beneficiaries due to reaching retirement age, 1 due to moving abroad, 250 - based on the status of a person with disabilities, and 82 persons - using the right of an heir.
"The number of people involved in the pension scheme is growing daily and has averaged more than 12,000 over the past five months. Retirement savings have already accrued more than 113 million lari ($34.5 million). Pension assets are placed at an annual effective interest rate of 10.9 percent," the Pension Agency said in a statement.
Pensions will be increased from January 1, 2021, based on the draft-project of the state budget that has already been submitted to the Georgian parliament for approval.
As reported, the pensions for pensioners under 70 will be increased by 20 lari ($6.05) and will be 240 lari ($72.59), while pensions for pensioners above 70 will be increased by 25 lari ($7.56) and will amount to 275 lari ($83.17).
The assets of the State Pension Fund of Georgia reached 1.1 billion lari ($333.6 million). This amount represents the pension savings of 1 million citizens.
According to the Pension Agency, an effective interest rate of 11.1 percent per annum is charged on pension assets.
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