Pension increases 65% for 713,000 people in Georgia
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About 35,000 people in Georgia will receive increases pension from today following the Government’s pledge to allocate an additional 90 million GEL y/y for Georgia’s retired community and disabled persons.
From today, July 1, 2016 the Government has allocated 1.57 billion GEL from the state budget for pensions and social support. This was 120 million GEL more (8.3 percent) than what was allocated in 2012, where the state spent 1.45 billion GEL on this.
Georgia’s Minister of Health, Labour and Social Affairs Davit Sergeenko announced the increased pensions would assist several groups of people including the elderly, the elderly in the high mountain areas and people with disabilities.
From July 1 the pension is increasing for disabled persons, including a group of the most vulnerable disabled children over 18 as well as all disabled children younger than 18. The pension is increasing for the retired community as well. The pension will be 180 GEL for all of the above mentioned groups,” said Sergeenko.
In the past year the state pension increased by 20 GEL to a new monthly total of 180 GEL for Georgia’s retired community. From today the pensions of hundreds of thousands of Georgia’s oldest residents will have increased 65 percent compared to 2012.
Georgia currently has 33,000 more retired people than in 2012. The pension is available to women aged 60 and older and men aged over 65.
We should mention that the number of retired people in Georgia has increased. If there were 680,000 retired people in Georgia in 2012 today there are 713,000 retired people,” said Sergeenko.
Meanwhile, those retired people living in Georgia’s mountainous regions will receive an additional pension increase from September 1, taking their social aid up 20 percent to a monthly total of 216 GEL.
The state pension previously increased in September 2015 by 10 GEL, lifting it up to 160 GEL.
Georgia’s pension reform will benefit the elderly and economy
The pension reform will see Georgia’s pensioners receive money based on a model of private pension accumulation instead of the existing social pension package.
The pension is increasing for retired citizens living in Georgia’s high mountain areas.
Hundreds of thousands of Georgia’s oldest residents will have their pensions increased by 12.5 percent next year following the Government’s pledge to allocate more than 600 million GEL for Georgia’s retired community.
The Government of Georgia is looking to reinstate allowances for single pensioners who are not covered by the program covering the socially vulnerable population.
New scheme improves lives of Georgia’s pensioners
The Government of Georgia is taking action to improve the lives of its retired population and help them get the best out of their later lives.
The Government of Georgia plans to launch a new type of pension system known as the accumulated pension program starting from the next year.
Several major changes came into play on January 1, 2019. One of the changes is the accumulated pension system – the new programme is mandatory for legally employed people under 40, meaning they will be enrolled automatically. For those above the age of 40, the programme is voluntary, as it is for self-employed citizens.
This month, the employed in Georgia will transfer money to the country’s pension savings system for the first time, as it was launched on January 1, 2019. Starting from January 1, 2019 the accumulated pension system is mandatory for legally employed people under 40, meaning they will be enrolled automatically.
Pension and social packages have increased starting from today. 114,000 people with disabilities and pensioners will receive the increased social package by 20 GEL [$6.18].
The European Georgia opposition party has urged the government to suspend mandatory pension contributions for eight months due to the situation created by Covid-19 virus.