747,774 people, 175 mln GEL in Georgia’s accumulative pension system

A total of 747,774 employed people in Georgia are involved in the accumulative pension system, while both pension contributions and interest amounts total 174,047,572 GEL (about $64.46m/€57.31m), says Director of the Pension Agency Levan Surguladze.

• More about Georgia’s pension system can be found here.

Out of 747,774 employed people:

• 187,472 people work in the public sector, and
• 581,439 people work in the private sector.

The number of those above the age of 40 who are able to leave the accumulative pension system is 294,852, of which:

• 78,047 people are employed in the public sector, and
• 228,006 people are employed in the private sector.

A total of 2,915 people have left the pension system so far, said Surguladze.

Surguladze says the goal of the reform is to ensure financial support for citizens of retirement age, while the second goal is the development of the capital market.

Surguladze spoke about the new pension system at the sitting of the Sector Economy and Economic Policy Committee. Photo: 1TV.

In two years we expect to accumulate 1.5 billion GEL in the pension system, in six years – about 5 billion GEL, 80% of which should benefit the country’s economy”, said Surguladze.

He added that the largest investment capital base will be created in Georgia, which will facilitate the development of the capital market.