Pension on 1000-GEL Salary will Be 500 GEL on Average

TBILISI(BPI)- “Pensioners will receive about 500 GEL a month on averaged 1000 GEL salary saved for 30 years, excluding basic pension”, Deputy Minister of Economy Nino Javakhadze said.

These calculations are not exact, because salaries, saving years and the type of risky investments may be different, Javakhadze said.

Saved funds may be withdrawn in several cases: if a person dies, his/her savings may be withdrawn buy his/her descendants. Exceptional cases also refer to a person, who becomes disabled or rejects citizenship of Georgia, she noted.

In all other cases, saved funds may be withdrawn only after retirement. There are also several limited cases, for example, if a person in his/her 63 years old decides to join saving pension system and saves money for only 2 years, he/she is able to fully withdraw the money.

The monthly pension amount is determined by a special software, which calculates averaged lifespan, Nino Javakhadze said.