Georgia’s Pension Agency says fund’s net asset value at $1.42bln
To date, 4,118 people have benefited from the accumulative pension system, with the amount paid to them standing at ₾11,684,674. Photo: Nino Alavidze/Agenda.ge
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The Pension Agency of Georgia on Friday said pension assets in its fund were worth ₾3.66 billion ($1.42bln), while net assets amounted to ₾631 million ($245mln).
Publishing the latest figures for the pension fund as of Friday, the body said 1.42 million people had been registered in the pension scheme as of June.
To date, 4,118 people have benefited from the accumulative pension system, with the amount paid to them standing at ₾11,684,674 ($4,538,164), the agency added.
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 persons who are employed or self-employed and receive an income.
It also applies to employees of both the public and private sectors.
The Pension Agency of Georgia has estimated the net asset value of the country’s pension fund at ₾2.97 billion ($1.1 bln).
The database of the Credit Information Bureau, a body providing banks and other financial organisations across Georgia with information about financial and credit circumstances of customers, will expand its database to include information on money remittances from abroad, the National Bank of Georgia said on Wednesday.
Georgian Deputy Finance Minister Mikheil Dundua on Wednesday announced interest rates on pension-backed loans would see annual reduction, in comments on Government initiatives for pensioners and socially vulnerable citizens.
The upper limit for interest rates on pension-backed loan payments is decreasing across Georgia following a campaign by the Citizens political party.
Georgia’s Pension Agency will invest savings from the pension system in shares of major international companies including Apple, Google and Toyota, Chief Investment Officer Goga Melikidze revealed on Friday.