Pension to increase from January

Pension to increase from January

The draft budget for 2021, which has already been submitted to the Parliament of Georgia, envisages an increase in pensions from January 1 next year. The press service of the Ministry of Finance spreads the information.

According to them, a total of GEL 2.6 million (increased by GEL 370 million) has been allocated, which is caused by introducing the rule of indexation of state pension growth;

According to the draft law, from January 1, 2021, the pension for pensioners under 70 will be increased by GEL 20, and the pension will amount to GEL 240, while the pension for pensioners aged 70 and over will be increased by GEL 25 and it will be GEL 275.

The effect of the increase in the pension indexation for 2021 is GEL 210 million, considering the annual effect of the 30% increase in the pension payments of pensioners aged 70 and over and the effect of the growth of the retirement population, taking into account demographics from July of the current year.

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