Economy
Posted:
3 years ago
165,713 Citizens Abandon Georgian Pension Scheme
A total of 165,713 citizens (4.4% of the Georgian population) have abandoned the state pension scheme based on their own application.
Under the legislation, citizens who had turned 40 by the time of enforcement of the new system are authorized to leave the system.
Citizens under 40 are obliged to participate in the scheme. Consequently, 6% of monthly salaries of these citizens are transferred to the Pensions Agency.
At this stage, the Pension Agency has registered 1,003,162 beneficiaries, that are 27%t of the Georgian population.
As for legal companies, their quantity accounts for 63,881 ones.
As for May 11, the total size of the Pensions Fund is 736 million GEL. The Fund collects 45-50 million GEL a month.
As reported, in February 2020 the Pension Agency’s investment officer placed the pension assets into deposits of certificates of commercial banks.