Voluntary Private Pension Reform in Georgia

Abstract

The development of voluntary private pension schemes is important for the establishment of a multi-pillar pension system in Georgia. The importance of the voluntary private pension reform is high both for the institutional development of the pension system and for the development of the workforce and the economy as a whole. Although the development of voluntary private pension schemes in Georgia has a potential, these schemes are primarily intended for high-income workers. As a result, low-income workers and other workers who are not involved in the formally organized employment demand more attention. The current demographic trends, the size of the informal sector and the high number of independent / self-employed workers should especially influence the state policy to promote the creation of pension savings by the workers of this category and the establishment of financial protection mechanisms for them. Article in Georgian.