Georgian authorities decided to increase pensions

Georgian authorities decided to increase pensions

In Georgia, from 2022, the pension for citizens under 70 years old will be 260 lari (83.87 US dollars), for people over 70 years old - 300 lari (96.77 US dollars), and the pension payment to veterans will be increased to 100 lari (32 US dollars).

On January 1, 2019, a funded pension system began to operate in Georgia; from that day on, a new electronic system for administering pension contributions was launched on the Georgian Pension Agency website. Registration in the new system is mandatory for all employed citizens and employers. The funded pension system is not transparent and raises concerns about the safety of citizens' funds, opposition representatives said. Since the end of 2020, the Georgian authorities have subsidised the production of essential goods by 50% to help the country's low-income residents in the face of rising prices and tariffs, but since July 1, they decided to stop subsidising the production of bread demanded by socially unprotected segments of the population.

Residents of the highlands over the age of 70, will see their pension increase to 360 lari (116.12 US dollars), up to 70 years - 312 lari (100, 64 US dollars), according to the government press service.

It should be noted that currently the pension for residents of Georgia is 275 lari (88.70 US dollars) for people over 70 and 250 (80.64 US dollars) for younger retirees.

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