Bidzina Ivanishvili-led opposition coalition, Georgian Dream, will increase minimal monthly pension to at least GEL 220 (about USD 135) in case of winning parliamentary elections this October, one of the leaders of the coalition said on May 23.
Irakli Alasania, leader of Our Georgia-Free Democrats from the Georgian Dream, made the announcement while speaking during an indoor campaign rally in Ozurgeti, western Georgia, on May 23.
“According to our pension reform plan, each and every pensioner will have [monthly] pension in an amount not less than minimum subsistence level. It means that in case of implementation of this reform a pensioner will receive at least GEL 220," Alasania said.
“But that’s not enough. On top of that [GEL 220] pensioners will receive additional funds depending on length of service,” Alasania said. An exact scheme has yet to be unveiled by the Georgian Dream.
During a founding congress of his party in late April, Ivanishvili vowed to remove 20% personal income tax for those whose income amounts to minimum subsistence level and promised “basic” health insurance for “each and every citizen” in case of coming into power.
Currently minimal monthly pension is GEL 100 (about USD 61), plus GEL 2 or GEL 10 depending on length of service of each pensioner.
Starting from this September, the government plans to introduce new “pension package”.
According to this plan, minimal monthly pension for pensioners of age up to 67 will be increased from the current GEL 100 to GEL 110 and to GEL 125 for those of age over 67.
The retirement age for women is 60 and 65 for men.
On top of that increase, the state will also fund GEL 15 health insurance policies for all the pensioners. Increased minimal monthly pension, combined with GEL 15 insurance policy has been dubbed as new “pension package”.
There are 669,663 people of retirement age registered in Georgia, according to the Social Service Agency.