Starting January 1, the pension for Georgian citizens under the age of 70 will reach 415 lari (around $160), the country’s Prime Minister Irakli Kobakhidze announced at a special briefing at the government administration.
“We have made the decision to increase the pension for retirees under 70 by 45 lari instead of the 20 lari stipulated by indexation rules.”
According to the prime minister, the opportunity to raise pensions by 45 lari rather than 20 emerged thanks to strong economic growth figures. Kobakhidze added that the move will require an additional 128 million lari from the state budget for pension expenditures. The draft budget had previously earmarked 5,570 million lari for state pension provision.
In the coming years, the authorities “will make every effort within permissible limits to raise pensions for citizens under 70 beyond the established indexation rules,” the prime minister added.
Under Georgian legislation, the state is required to increase pensions annually for individuals under 70 by at least the rate of inflation, but by no less than 20 lari. In September, the average annual inflation rate stood at 5.1%.
