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Pension Increases not Planned in Georgia’s 2016 Budget

Amid a difficult economic situation in Georgia and the greater region, the government does not consider it appropriate to take on additional social obligations – Deputy Minister of Finance George Kakauridze stated.

According to him, the state does not intend to abandon the already undertaken obligations, including pension provision, especially since the number of pensioners increased by 40,000 people.

“It requires additional expenses the state cannot afford today,” he explained.

The pension fund will increase by GEL 90 million in the 2016 budget though the pension itself will not grow. An increased funding will be used to fulfill commitments to increase pensions by 10 GEL from September this year. A total of GEL 1.480 billion will be spent on pensions in 2016, while in 2015 – GEL 1.390 billion.