People above 70 years will receive an increased pension starting July 1, 2020, with monthly pensions increasing by 30 GEL ($9.84/€8.63) to 250 GEL ($81.97/€71.95).
In addition, retirees living in highland villages of Georgia will receive higher pensions that will total 300 GEL ($98.36/€86.34).
Georgian Prime Minister Giorgi Gakharia said at today's government meeting that the status of a highland settlement was granted to an additional 58 villages this year and in total 1,800 settlements enjoy state benefits.
Gakharia also said that increasing the pension by 30 GEL is not enough and 'we must improve the condition of our retirees every year'.
He said that it is very important that Georgia begins indexing pensions to inflation and economic growth, meaning that an increase in pensions for people less than 70 years old will be adjusted based on the inflation rate, while an increase of pensions for people above 70 will be adjusted based on 80 per cent of economic growth as well as the inflation rate.
Pensions of people less than 70 years old will increase by a minimum 20 GEL ($6.56/€5.76) in a year, while for people above 70 years it will increase by a minimum of 25 GEL ($8.20/€7.20).
Georgia already increased pensions of all pensioners by 20 GEL on January 1, 2020.