According to the Pension Agency, as of June 13, 2022, the total value of pension assets is 2.39 billion GEL. The benefit is 334 million GEL.
Pension Agency Says 1,838 People in Pension Scheme
By The Messenger Staff
Wednesday, June 15, 2022
1 million 285 thousand people are members of the pension scheme.
The Pension Agency states that currently 1,938 people from different backgrounds have benefited from the accumulative pension, and the amount issued to them is 3 million 986 GEL.
The partially mandatory funded pension system was launched in Georgia on January 1, 2019. A pension agency has been set up to manage the money.
All citizens who receive remuneration as a result of a contractual relationship are included in the pension scheme. Employees under the age of 40 are obliged to join the accumulative pension system as soon as the law enters into force.
Participation in the pension scheme is voluntary for the self-employed.
Those 40 and older can retire from the pension system.
A citizen participating in a funded pension gets 2% of the total salary deducted for the pension. The employer and the state are both obliged to pay 2% towards the pension fund each.
It's possible to withdraw money in the following cases: before retirement in case of moving abroad permanently, if the status of a person with a disability is determined and request the access.
In case of death, their family takes over the pension fund.