563 mln GEL accumulated in pension fund in 2019
959,548 citizens and 61,165 organisations are registered in the pension saving system. Photo: Nino Alavidze/Agenda.ge.
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About 563.5 million GEL ($196.6 mln/€175.3 mln) has been accumulated in the pension fund since January 1, 2019, says the Georgian Pension Agency.
959,548 citizens and 61,165 organisations are registered in the pension saving system.
The employed in Georgia transfer money to the country’s pension savings system which was launched on January 1, 2019.
The accumulated pension system is mandatory for legally employed people under 40, meaning they will be enrolled automatically. For the self-employed and those above the age of 40, enrolment in the programme is voluntary.
The pension savings system applies to Georgian citizens, foreign citizens living in Georgia with permanent residency in the country and stateless persons who are employed or self-employed and receive an income.
This system applies to employees of both the public as well as private sectors.
Director of the Pension Agency Levan Surguladze has confirmed that he has submitted his resignation letter a week ago to the Supervisory Board of the Pension Agency.
The Georgian Pension Agency’s Investment Board has elected a new chair – Olivier Russo. His first deputy will be Jean-Frederick Polsen, announced the director of the pension agency, Levan Surguladze.
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.
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.
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The National Bank of Georgia has become a governing member of the International Organisation of Pensions Supervisors (IOPS) starting December 2019, announced the National Bank of Georgia earlier today.
The Pension Agency of Georgia has made its first large scale investment. A total of 560 million GEL (about $200.75m/€180.57m) was made in deposit certificates of “high-rated Georgian commercial banks”.
About 890 million GEL ($288.49m/€244.94m) has been accumulated in the pension fund since August 3, 2020, of which 1.7 per cent was invested in term deposits, 25.2 per cent in interest-bearing accounts, and 73.1 per cent in certificates of deposit, says the Georgian Pension Agency.
The Georgian Pension Agency has approved an investment policy document which determines the long-term investment strategy of pension savings.