Residents of Georgia are obliged to get registered in new pension system

An electronic system of administering pension contributions has been launched on the website of the Pension Agency of Georgia. Registration therein is mandatory for all employed citizens, as well as for employers.

The website of the Pension Agency of Georgia has launched a new electronic system for administering pension contributions, the "Sputnik-Georgia" reported on January 2, explaining that since January 1, every working citizen of Georgia must collect his/her pension for old age, since the country has launched the funded (accumulation) pension system.

According to the proposed scheme, every working citizen of the country or a foreigner permanently living in its territory must transfer two percent of his/her salary into the system. The same amount to his/her account is deposited by the employer. Besides, the state adds some money to the account. If the nominal annual income of the recipient is less than 24,000 laris (about 9000 US dollars), then, the state adds two percent; and if it exceeds this amount, but does not exceed 60,000 laris (about 22,500 US dollars), then, the state adds one percent.

An employed citizen, who is 40 years old as of August 6, 2018, may quit the pension scheme from April 1 to May 31, 2019. In this case, all the pension contributions already made will be returned back to him, the employer and the state, the "News-Georgia" reports.

This article was originally published on the Russian page of 24/7 Internet agency ‘Caucasian Knot’ on January 3, 2019 at 07:15 am MSK. To access the full text of the article, click here.