Economy
Posted: 1 month ago

Pensions Increased by 30 GEL for Pensioners Over 70

Effective tomorrow, July 1, pensions for pensioners aged over 70 will be 250 (30 GEL up) to benefit more than 410,000 pensioners.

Pensioners aged over 70 and living in mountainous settlements will receive 300 GEL-based on the Law on the Development of High Mountainous Regions prescribing to pay persons eligible for a pension and living in mountainous areas monthly premiums in the amount of 20% of the state pension.

In January of 2021, pension indexation rules are expected to come in force based on which:Every pension will increase by no less than the inflation indicator-in other words, price increase will no longer impact the actual volume of pensions.

In the case of pensioners aged 70 and over, 80% of the real economic growth rate will be added to inflation rates-consequently, the annual growth of pensions will be higher than inflation rates.

Notwithstanding the parameters of inflation and economic growth, the growth of pensions will be no less than 20 GEL and, in the case of pensioners aged 70 and over, no less than 25 GEL.