According to the draft 2022 budget, pensions for people under 70 will increase by GEL 20, pensioners over 70 will get GEL 25 more starting January.
The Law on State Pension says that the pension of persons under 70 should be increased by the average inflation rate of the last 12 months, but not less than 20 GEL.
According to data released by the National Statistics Office in September, the average inflation for the last 12 months was 6.4%. Considering that the pension rise under this indicator is less than the minimum 20 GEL defined by the law.
According to the law, the pension will increase from GEL 20 to GEL 260 from January. Under the same law, pensions for people aged 70 and over must be increased by an average of 80% of the real GDP growth rate’s arithmetic mean for 12 months and six quarters. Per the law, the pension will increase by GEL 25 GEL to GEL 300.
In total, the state budget envisages GEL 2,885 billion for pension provision.