How Georgia's pension reform is going latest data
From a financial point of view, the pension reform should ensure a normal life of citizens at retirement age, the head of the Fund said.
The number of participants included in the funded pension system is currently 931.1 thousand people, said the head of the Pension Agency Levan Surguladze.
According to him, the number of unique participants from the private sector is 761.8 thousand, and from the state-218.6 thousand.
The funded pension system has been operating in Georgia since January 1. According to the developed scheme, if the nominal annual income is less than 24 thousand lari (about 9 thousand dollars), 6% of the amount of his salary will be transferred to the pension account of the citizen - 2% he will pay himself, 2% - his employer and 2% more by the state. In the case of an annual salary from 24 thousand to 60 thousand lari (about 23 thousand dollars), the state will transfer only 1%.
"Since the first of January 2019, 60.1 thousand private companies have joined the scheme. According to the latest data, the volume of the pension Fund is 450.5 million lari (151.6 million dollars), and the accrued profit is 13.3 million lari (more than 4.4 million dollars), " Surguladze said on channel One.
As explained by the head of the Pension Agency, by the end of 2019 it is expected that the amount of savings will be half a billion lari. According to Surguladze, the reform of the funded pension in Georgia continues successfully.
"Funded pension reform is important both from an economic and social point of view. We must wait for economic effects in the coming years, and from a financial point of view, this reform should ensure the normal life of our citizens in retirement, " Surguladze said.
The new pension system is partly mandatory - it only applies to those under 40. Everyone else has 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.
The constitutional court of Georgia will consider the claim on the pension system >>
The pension Fund says that the reform has two major goals. One of them is long-term and involves the financial provision of citizens in retirement age, so that they have the opportunity to live a decent life. The second is the development of the local capital market.
Sputnik-georgia.ru
Tags:
How Georgia's pension reform is going latest data
From a financial point of view, the pension reform should ensure a normal life of citizens at retirement age, the head of the Fund said.
The number of participants included in the funded pension system is currently 931.1 thousand people, said the head of the Pension Agency Levan Surguladze.
According to him, the number of unique participants from the private sector is 761.8 thousand, and from the state-218.6 thousand.
The funded pension system has been operating in Georgia since January 1. According to the developed scheme, if the nominal annual income is less than 24 thousand lari (about 9 thousand dollars), 6% of the amount of his salary will be transferred to the pension account of the citizen - 2% he will pay himself, 2% - his employer and 2% more by the state. In the case of an annual salary from 24 thousand to 60 thousand lari (about 23 thousand dollars), the state will transfer only 1%.
"Since the first of January 2019, 60.1 thousand private companies have joined the scheme. According to the latest data, the volume of the pension Fund is 450.5 million lari (151.6 million dollars), and the accrued profit is 13.3 million lari (more than 4.4 million dollars), " Surguladze said on channel One.
As explained by the head of the Pension Agency, by the end of 2019 it is expected that the amount of savings will be half a billion lari. According to Surguladze, the reform of the funded pension in Georgia continues successfully.
"Funded pension reform is important both from an economic and social point of view. We must wait for economic effects in the coming years, and from a financial point of view, this reform should ensure the normal life of our citizens in retirement, " Surguladze said.
The new pension system is partly mandatory - it only applies to those under 40. Everyone else has 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.
The constitutional court of Georgia will consider the claim on the pension system >>
The pension Fund says that the reform has two major goals. One of them is long-term and involves the financial provision of citizens in retirement age, so that they have the opportunity to live a decent life. The second is the development of the local capital market.
Sputnik-georgia.ru
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