More than a million Georgian citizens are already saving for old age – latest data on pension reform
The Pension Agency notes that within a month more than nine thousand citizens become new participants in the new scheme
The number of Georgian citizens included in the funded pension system as of July 29 is 1,042,084, according to a report on the Pension Agency's website in the social network Facebook.
According to the Agency, 448,601 women participate in the pension scheme, 260,298 of whom are under 40 years of age. Of the male participants 40 years have not reached 337 705 people.
The report notes that the number of participants in the scheme is growing daily and during the month is more than nine thousand citizens.
The funded pension system has been operating in Georgia since January 1, 2019. The new pension system is partially mandatory. It only applies to those under 40 years of age. The rest of us have a choice. At the end of June, the number of people who left the funded pension scheme was about 10% of the total number registered.
As designed, with nominal annual income of less than 24 thousand lari (almost 8 thousand dollars) on pension account will be credited with 6% of the amount of his wages: 2% it will pay myself 2% of his employer and 2 per cent by the state. With an annual salary of 24 thousand to 60 thousand lari (20 thousand dollars), the state will transfer only 1%.
The accumulated money will be returned to pensioners with interest – an average of 7% per annum. According to the latest information, about 17.3 million lari ($5.7 million) has already been credited to the accounts of pensioners.
Until the return, the state will invest this money in various projects under the control of the National Bank. This process is carried out by the Investment service of the pension Agency.
In March of this year, the Pension Agency of Georgia made the first investment of pension savings in the amount of 560 million lari (about 187 million dollars), investing in certificates of Deposit of highly rated commercial banks of Georgia.
Sputnik-georgia.ru
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More than a million Georgian citizens are already saving for old age – latest data on pension reform
The Pension Agency notes that within a month more than nine thousand citizens become new participants in the new scheme
The number of Georgian citizens included in the funded pension system as of July 29 is 1,042,084, according to a report on the Pension Agency's website in the social network Facebook.
According to the Agency, 448,601 women participate in the pension scheme, 260,298 of whom are under 40 years of age. Of the male participants 40 years have not reached 337 705 people.
The report notes that the number of participants in the scheme is growing daily and during the month is more than nine thousand citizens.
The funded pension system has been operating in Georgia since January 1, 2019. The new pension system is partially mandatory. It only applies to those under 40 years of age. The rest of us have a choice. At the end of June, the number of people who left the funded pension scheme was about 10% of the total number registered.
As designed, with nominal annual income of less than 24 thousand lari (almost 8 thousand dollars) on pension account will be credited with 6% of the amount of his wages: 2% it will pay myself 2% of his employer and 2 per cent by the state. With an annual salary of 24 thousand to 60 thousand lari (20 thousand dollars), the state will transfer only 1%.
The accumulated money will be returned to pensioners with interest – an average of 7% per annum. According to the latest information, about 17.3 million lari ($5.7 million) has already been credited to the accounts of pensioners.
Until the return, the state will invest this money in various projects under the control of the National Bank. This process is carried out by the Investment service of the pension Agency.
In March of this year, the Pension Agency of Georgia made the first investment of pension savings in the amount of 560 million lari (about 187 million dollars), investing in certificates of Deposit of highly rated commercial banks of Georgia.
Sputnik-georgia.ru
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