Georgian pension fund’s net asset value rated at $960mln
Currently, 1,323,000 people are registered in the pension scheme, with the net return since its inception reaching ₾375 million ($134.67mln) as a result of investment activities. Photo: Nino Alavidze/agenda.ge
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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.
Currently, 1,323,000 people are registered in the pension scheme, with the net return since its inception reaching ₾375 million ($134.67mln) as a result of investment activities.
A total of 2,576 people have benefited from the accumulative pension system, the agency added, while the amount paid to the individuals standing at ₾6,247,895 ($2,243,763).
The system came into effect in Georgia in January 2019 and applies to Georgian citizens, foreign citizens living in Georgia with a permanent residency in the country, and stateless individuals who are employed or self-employed and receive an income.
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.
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.
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.
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.