Pension fund assets soar to 1.420 billion GEL

15:24, 05.05.2021

Pension fund assets soar to 1.420 billion GEL, including 148.8 million GEL accrued interest, as of May 5, 2021, the Georgian Pension Agency reported on Wednesday.

Pension assets are placed in the Georgian commercial banks with an effective annual interest rate of 11%, the agency said.

Up to 800 people benefited from the accumulative pension system. The number of people involved in the system is growing. Over 11,000 people join the system per month, while the total number makes 1,145,808 citizens for the moment.

The Government of Georgia launched a new pension system known as the accumulated pension program back in 2019. Legally employed people under 40 are enrolled automatically in the program, while enrolment for self-employed and those above the age of 40 is voluntary.

By - Marika Kartozia

Economics

Pension Agency

Pension fund assets