The accumulative pension system will be activated starting January 1, 2019. The employed persons will have to transfer 2% of their income to their pension accounts. The government and an employer will add 2% each to this amount.

All employed or self-employed persons, as well as foreign citizens permanently living in Georgia, can participate in the scheme. Engagement in the system is obligatory for people under 40.

The money in the fund could be withdrawn in case a person becomes physically incapable. In case of death, the legal inheritor will receive the money.

If a person has several jobs, the money will be transferred to the pension fund from all workplaces. The accumulative pension will be a supplement to the age pension received from the state budget.

First Channel contacted Levan Surguladze, the head of the Pension Agency, and asked if the agency is ready to activate the system and what obligations the business will have after January 1.

“Everyone should be guided by the law on the accumulative pension system and instructions are published on the website of the Pension Agency. There will also be a hotline through which citizens can get information. The system will be launched tonight or tomorrow morning.

1-2 January is the holidays, however, the electronic system and the web page will be active. Starting from 9:00 am of January 3, people will be able to enter the system to submit information”, – Levan Surguladze said.