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Nikoloz Gagua

Pension Agency to Launch Operation in July

Pension Agency is expected to launch operation in July, Minister of Finance Nikoloz Gagua said.

In response to the question, whether the retirement agency may be established within determined time-frames, Gagua said that the Agency is to launch operation in July, as part of agreement with International Monetary Fund (IMF).

“The pension agency will be established in July, as part of our agreement with IMF. We suppose that the retirement agency will launch operation in July and assume functions that are necessary for development of this system”, Gagua noted.

The pension agency establishment is in line with amendments to the Law on Contributory Pension System. Objective of the Agency is to ensure administration and management of the contributory pension scheme.