Paata Kvizhinadze: The funded pension system has a high level of trust within society

“The legislation governing the funded pension system stands as one of the most successful regulations in the nation. Adopted in 2018 with the active participation of the World Bank and in collaboration with the European Union, this legislation has been productively implemented. The confidence of our citizens in this system has surpassed our initial expectations. A higher number of citizens remained within the system than anticipated. Our citizens placed their trust in the system’s reliability, leading to an increase in their deposits”, - Paata Kvizhinadze, Chair of the Budget and Finance Committee, emphasised during the consideration of the Pension Fund’s Report for 2024.
According to him, the employers pay 2% to the pension fund, 2% is paid by the employees and 2% by the state, while the Pension Fund invests the accumulated funds in line with the legislation.
“The annual profitability of the Fund is approximately 10%, as confirmed by statistical data. The Pension Fund has accumulated up to 7 billion GEL, with 1 billion 700 million GEL representing the proceeds”, - he stated.
