23.Apr.2019 19:01
Economy, Financial Sector

Pension Agency Director: 2 900 Individuals on Labour Market have Left Pension System

Pension Agency Director: 2 900 Individuals on Labour Market have Left Pension System
Director of Pension Agency, Levan Surguladze told journalists today that 2 900 individuals in Georgia decided to leave the pension system. Surguladze made this announcement during his speech at the hearing of the Sector Economy and Economic Policy Committee of the Parliament of Georgia. Surguladze summed up the first 100 days of his agency.

According to Pension Agency Director, this indicator represents 0.4% of the total number of individuals who are enrolled in the pension system. Surguladze stated that 747 774 accounts are open in the system, out of which 290 thousand belong to those who are aged over 40.

New pension system entered into force in January 2019. Enrollment in the system is obligatory for only those who are less than 40 years old. If the individual is more than 40 years old and does not want to be enrolled in the system, then they have to write according notice.

Data suggests that the majority of those individuals who left the pension system work in the public sector. 433 individuals from private sector left the system, whereas 2712 from public sector.

Distribution of accounts from public and private sector looks as follows:
1. Public Sector – 187 472;
2. Private Sector – 581 439;
3. Individuals working at both public and private sectors – 21 137 accounts.

Director of Pension Agency also stated that self-employed individuals will be enrolled in the pension system as well. In order for that to happen the individuals will have to present the declarations of their income.
Surguladze also stated that it is expected to gather around billion and a half GEL throughout next two years in the pension system.



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