A total of 747,774 employed people in Georgia are involved in the accumulative pension system, while both pension contributions and interest amounts total 174,047,572 GEL (about $64.46 million or EUR 57.31 million), says Director of the Pension Agency Levan Surguladze.
Out of 747,774 employed people 187,472 people work in the public sector, and 581,439 people work in the private sector.
The number of those above the age of 40 who are able to leave the accumulative pension system is 294,852, of which 78,047 people are employed in the public sector, and 228,006 people are employed in the private sector.
A total of 2,915 people have left the pension system so far, said Surguladze.
Surguladze says the goal of the reform is to ensure financial support for citizens of retirement age, while the second goal is the development of the capital market.
“In two years we expect to accumulate 1.5 billion GEL in the pension system, and in six years – about 5 billion GEL, 80% of which should benefit the country’s economy”, said Surguladze.
He added that the largest investment capital base would be created in Georgia, which would facilitate the development of the capital market. (Agenda/Business World Magazine)