Pensions increase in Georgia as of January 1
Pensioners permanently living in highland settlements receive a state pension supplement (+ 20%); accordingly, pensions in the mountains have become 288 GEL since 2021, and 330 GEL for pensioners aged 70 and over. Photo: Nino Alavidze/Agenda.ge.
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Pensions have increased in Georgia starting January 1, 2021, says the Ministry of Health, Labour and Social Affairs of Georgia.
For pensioners under the age of 70, pensions were increased by 20 GEL to 240 GEL.
For pensioners aged 70 and over, pensions were increased by 25 GEL to 275 GEL.
Pensioners permanently living in highland settlements receive a state pension supplement (+ 20%); accordingly, pensions in the mountains have become 288 GEL since 2021, and 330 GEL for pensioners aged 70 and over.
Pensions increased by 20 GEL in 2020, and for pensioners over 70, they have increased by 50 GEL.
The ministry notes that the pension indexation mechanism which took effect on January 1 this year, and means a guaranteed annual increase in pensions based on economic indicators.
Georgia has begun 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.
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.
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].
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).
Georgia intends to begin indexing pensions to inflation and economic growth, says Georgian Finance Minister Ivane Matchavariani earlier today.
People over 70 years of age will receive an increased pension starting January 1, 2022, with monthly pensions increasing by 20 GEL to 260 gel, while pensioners over 70 will receive an increased pension of 300 GEL, up 25 GEL.