PM announces increase in pensions for 2024
Georgian Prime Minister Irakli Garibashvili today presented the first version of the budget, while the second version will be presented by November 5. Photo: PM's press office
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Georgian Prime Minister Irakli Garibashvili said pensions for pensioners aged 70 years and older would increase by ₾50 ($18.62) and become ₾415 ($154.58), while for pensioners under 70 it would be raised by ₾20 ($7.45) and reach ₾315 ($117.33).
For comparison, [...] in 2012 the pension was ₾110 ($41) and ₾125 ($46.56), now it is ₾415 and up to ₾500 ($186) in highland settlements”, Garibashvili said.
The Government head said the budget of healthcare and social protection programmes was increasing by ₾870 million ($324mln) which included increase in pensions and a 10 percent salary increase for primary care staff.
In total, ₾5.6 billion ($2.9bln) will be provided for social programmes and 1.6 billion ($0.60bln) - for healthcare programmes”, he added.
Garibashvili today presented the first version of the budget, while the second version will be presented by November 5, the Government Administration said.
The Pension Agency of Georgia has estimated the net asset value of the country’s pension fund at ₾2.97 billion ($1.1 bln).
Georgian Prime Minister Irakli Garibashvili on Friday said the country’s budget for 2024, planned with a 5.2 percent economic growth, would be ₾27.800 billion ($10.35bln).
Georgian Prime Minister Irakli Garibashvili on Friday said “thousands” of the country’s citizens had benefited from budget-funded social and medical programmes, and pledged several of the packages would be extended.
Seventeen units of insignificant amounts of individual state aid were issued in Georgia in 2022 for a total amount exceeding ₾30 million ($11.63mln), the National Competition Agency of Georgia announced on Tuesday.
Natia Turnava, the Acting President of the National Bank of Georgia, on Wednesday met the members of the Investment Council of the country's Pension Agency to review revisions in the legislation on cumulative pension and investment plans.
The Pension Agency of Georgia on Thursday said it had successfully obtained the ISO 27001 certificate, which confirms the organisation had been audited and their “effective” information security management system has been confirmed to be in accordance with the requirements of international standards.
Georgia’s revised budget project for 2024 was discussed on Thursday in a meeting of the Government’s Economic Council led by Prime Minister Irakli Garibashvili.
Georgian Prime Minister Irakli Garibashvili on Friday presented the revised version of the 2024 state budget at the weekly Government meeting, planned with a ₾700 million ($257.85mln) increase and the total amount of ₾28.5 billion ($10.5bln).
How is it distributed over ministries?
Georgian Prime Minister Irakli Garibashvili on Friday provided detailed information about the 2024 state budget at the weekly Government meeting and shared how the figure would be distributed to different ministries and purposes.
The Pension Agency of Georgia on Monday said assets in its fund were worth ₾4.027 billion ($1.49bln), while net assets amounted to 708 million ($262.73mln).
Georgian Finance Minister Lasha Khutsishvili on Wednesday presented an updated draft state budget for 2024 at the second hearing of the Parliament, calling the document a budget aimed for ensuring “bright, progressive, inclusive and advancing future of Georgia”.
Advertising of loans secured by pensions is now banned in Georgia without individual consent of pensioners, the National Bank announced on Wednesday.
More than 150,000 pensioners will see a reduction in their loan interest rates, following a decision reached during a meeting on Thursday between Georgian Prime Minister Irakli Kobakhidze, Natia Turnava, the Acting Governor of the National Bank of Georgia and the Chief Executive Officer of the Liberty Bank Beka Gogichaishvili.
Natia Turnava, the Acting Governor of the National Bank of Georgia, on Thursday said the decision to lower interest rates on loans taken by over 150,000 pensioners - made by Liberty Bank in consultation with Prime Minister Irakli Kobakhidze - was “socially significant” and “reasonable”.