A total of 232 million GEL (about 83.30m/€74.42m) has been accumulated in Georgia’s accumulative pension system in the first 150 days of operations of the Georgian Pension Agency, the agency that manages the pension system.
More about Georgia’s pension system can be found here.
So far 51,870 private companies and 793,029 individuals are involved in the accumulative pension system.
Director of the Georgian Pension Agency Levan Surguladze said that in 5-6 years it is expected to accumulate about 5 billion GEL (about $1.80b/€1.60b).
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.
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.