Pensions Increased by GEL 5

Minimal monthly pension increased from GEL 28 up to GEL 33 (USD 18,1) starting from March 20,  Director General of the Pension Fund of Georgia Zaza Sopromadze said Monday.
 
“For this purpose the state budget will allocate approximately 4 million Lari monthly to provide increased pensions for about 800 thousand pensioners,” Sopromadze said.
 
Minimal monthly pension will increase further by GEL 5 and reach GEL 38 (USD 20,8) in September, 2006.
 
This increase of pensions by total of GEL 10 in 2006 is carried out in accordance with the amendments to the pension law passed by the Parliament in December, 2005. The amendments envisaged increasing the minimal pension from the GEL 28 to GEL 38 and a decrease of the maximum pension from the GEL 5,000 [approximately USD 2,700] to 560 (USD 308). The maximum pensions are reserved for former high-ranking officials.

The amendments also introduced a new retirement age – 65 for both men and women. Previously the retirement age for men was 70 and 60 for women.