Pension assets in the Bank of Georgia increased

2020/09/64504-1599726128.jpg
Read: 1219     14:00     10 Сентябрь 2020    

The state placed the accumulated pensions on various Deposit accounts in eight commercial banks of the country.

Pension assets in Georgia by this time amount to 951 million lari (about 317 million dollars), the Pension Agency said.

According to the Agency, 698 million lari (almost $ 233 million) of this amount was invested in certificates of Deposit, 222 million lari ($74 million) in current interest accounts, and 31 million lari ($10.4 million) in term deposits.

Pension assets are placed in eight commercial banks in the country.

According to the Agency, the number of participants in the funded pension scheme is growing every day, every month, on average, it is nine thousand people. The total number registered in the scheme by this time exceeds one million people.

Interest accruals on pension savings amounted to 80 million lari (almost $ 27 million).

According to the Agency, the annual effective return on pension assets is 11.1%, which is 2.3 times more than the annual inflation in the country - as of August, it is equal to 4.8%.

In addition, the annual activity of pension assets exceeds the profitability of the national currency of Georgia - lari by 1.3%.

The funded pension system has been operating in Georgia since January 1, 2019. The new pension system is mandatory.

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.

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 commercial banks of Georgia with a high rating.

 

Sputnik-georgia.ru





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Pension assets in the Bank of Georgia increased

2020/09/64504-1599726128.jpg
Read: 1220     14:00     10 Сентябрь 2020    

The state placed the accumulated pensions on various Deposit accounts in eight commercial banks of the country.

Pension assets in Georgia by this time amount to 951 million lari (about 317 million dollars), the Pension Agency said.

According to the Agency, 698 million lari (almost $ 233 million) of this amount was invested in certificates of Deposit, 222 million lari ($74 million) in current interest accounts, and 31 million lari ($10.4 million) in term deposits.

Pension assets are placed in eight commercial banks in the country.

According to the Agency, the number of participants in the funded pension scheme is growing every day, every month, on average, it is nine thousand people. The total number registered in the scheme by this time exceeds one million people.

Interest accruals on pension savings amounted to 80 million lari (almost $ 27 million).

According to the Agency, the annual effective return on pension assets is 11.1%, which is 2.3 times more than the annual inflation in the country - as of August, it is equal to 4.8%.

In addition, the annual activity of pension assets exceeds the profitability of the national currency of Georgia - lari by 1.3%.

The funded pension system has been operating in Georgia since January 1, 2019. The new pension system is mandatory.

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.

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 commercial banks of Georgia with a high rating.

 

Sputnik-georgia.ru





Tags: