PENSION REFORM IN GEORGIA
PENSION REFORM IN GEORGIA

Summary/Abstract: The existing financial, demographic and economic challenges have determined the establishment of a new pension system in Georgia. We must mention the fact that receiving a decent pension from the budget of the country is neither effective nor fair. The system of accumulative pensions has been introduced successfully in Europe and other developed countries. As the system of accumulative pension is being adopted in Georgia, it is desirable to consider advanced experiences. According the above mentioned process, the most important is to be focused on the following issues: strengthening consenting principle, keeping the appropriate growth and development of the economy, protection of currency exchange rate from sharp fluctuations, avoiding high inflation process, introduction of compulsory indexing of accumulated pensions, in order to avoid corrupt manifestation, keep forming effective guaranteed mechanisms for its protection and also in order to increase level of public confidence, strengthen public awareness campaigns.

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