Will Georgian citizens be able to save for their old age?
During the coronovirus pandemic, grocery store prices doubled. Is it possible for a pensioner to survive in such conditions?
But on the websites of the pension agency there are such messages:
Pension assets of the population are placed in Georgian commercial banks at an effective rate of 10.7% per annum.
Pension assets in Georgia by this time amount to 1.37 billion lari ($400 million), payments were received by 765 people, according to a statement on the website of the Pension Agency.
As of April 12, a profit of GEL 140 million (approximately $ 40 million) was accrued on pension savings.
Pension assets are placed in Georgian commercial banks at an effective rate of 10.7% per annum. 65% of assets are invested in certificates of deposit and term deposits, and 35% - in current interest-bearing accounts.
According to the latest data, the number of Georgian citizens included in the funded pension system is 1,137,380. According to the agency, the number of participants in the funded pension scheme is growing day by day. In a month, on average, it is more than 11 thousand people.
The funded pension system has been in operation in Georgia since January 1, 2019 and is mandatory.
According to the developed scheme, with a nominal annual income of less than 24 thousand lari (about 7 thousand dollars), 6% of the amount of his salary will be transferred to the pension account of a citizen: he will pay 2% himself, 2% - his employer and another 2% - the state. With an annual salary of 24 thousand to 60 thousand lari (17.5 thousand dollars), the state will transfer only 1%.
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 under the pension agency.
According to the Agency, by this time the pension assets are fully invested in lari.
The Agency made its first pension savings investment in March 2020 in the amount of GEL 560 million (approximately $ 163.7 million), investing in certificates of deposit of highly rated commercial banks in Georgia.
Sputnik-georgia.ru
Tags:
Will Georgian citizens be able to save for their old age?
During the coronovirus pandemic, grocery store prices doubled. Is it possible for a pensioner to survive in such conditions?
But on the websites of the pension agency there are such messages:
Pension assets of the population are placed in Georgian commercial banks at an effective rate of 10.7% per annum.
Pension assets in Georgia by this time amount to 1.37 billion lari ($400 million), payments were received by 765 people, according to a statement on the website of the Pension Agency.
As of April 12, a profit of GEL 140 million (approximately $ 40 million) was accrued on pension savings.
Pension assets are placed in Georgian commercial banks at an effective rate of 10.7% per annum. 65% of assets are invested in certificates of deposit and term deposits, and 35% - in current interest-bearing accounts.
According to the latest data, the number of Georgian citizens included in the funded pension system is 1,137,380. According to the agency, the number of participants in the funded pension scheme is growing day by day. In a month, on average, it is more than 11 thousand people.
The funded pension system has been in operation in Georgia since January 1, 2019 and is mandatory.
According to the developed scheme, with a nominal annual income of less than 24 thousand lari (about 7 thousand dollars), 6% of the amount of his salary will be transferred to the pension account of a citizen: he will pay 2% himself, 2% - his employer and another 2% - the state. With an annual salary of 24 thousand to 60 thousand lari (17.5 thousand dollars), the state will transfer only 1%.
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 under the pension agency.
According to the Agency, by this time the pension assets are fully invested in lari.
The Agency made its first pension savings investment in March 2020 in the amount of GEL 560 million (approximately $ 163.7 million), investing in certificates of deposit of highly rated commercial banks in Georgia.
Sputnik-georgia.ru
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