Access to pension savings information restored following system update - Pension Agency
The Agency said it had briefly restricted access to the information for facilitating the update, which it said was required for ensuring its infrastructure met “relevant security and performance requirements” of its platform. Photo: Nino Alavidze/Agenda.ge
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Individuals’ access to their pension information has been restored across Georgia following a brief unavailability of services earlier on Monday due to a system update, the Pension Agency of Georgia said.
The Agency said it had briefly restricted access to the information for facilitating the update, which it said was required for ensuring its infrastructure met “relevant security and performance requirements” of its platform.
The platform serves users of the pension scheme, with 1,265,000 individuals registered as of April. The 2019- introduced pension system involves investments of the pension funds, with a net return since its inception amounting to ₾318 million ($112mln).
Applying to Georgian citizens, foreign nationals living in Georgia with a permanent residency in the country, and stateless persons who are employed or self-employed and receive an income, the scheme involves employees in both public and private sectors in the country.
The role of the Pension Fund in the development of the economy, importance of long-term investment sources and legislative initiatives for the Fund were in the focus of a meeting between Georgian Prime Minister Irakli Garibashvili and members of the Pension Fund Investment Board on Tuesday.
Georgian citizens’ savings are “not in danger” and the decline in real returns during the current high inflation is a “temporary, short-term phenomenon” that will not lead to a reduction in citizen contributions, the Georgian Pension Agency said on Tuesday.
Georgian Health Minister Zurab Azarashvili on Monday announced the conclusion of a state tender aimed at improving loan terms for pensioners in the country, revealing “significantly improved conditions” for the senior citizens would follow the move.
The net asset value of the pension fund in Georgia equals 2.23 billion GEL ($724mln/€664mln), the Pension Agency of Georgia has said in its March 2022 report.
The net asset value of the pension fund of Georgia has been estimated at ₾2.67 billion ($960mln), with the pension agency revealing the figure on Tuesday.
The pension agency of Georgia has estimated the net asset value of the country’s pension fund at ₾2.78 billion ($1.03bln) in its latest report, with the update also showing the fund’s net return between 2019 and November 2022 at 38.8 percent ($145mln).