Pension reform inevitable

The State Budget for 2014 has allotted a solid amount of money for the welfare of the Georgian population. Recently, pensions have increased to 150 GEL compared to 125 GEL during the previous government, but this amount realistically is not enough to satisfy the needs for nutrition and healthcare of the most vulnerable layers of the population – the pensioners. In Georgia there are too many people of the retirement age, so there is an urgent need in the country to develop a new system of pensions based on the model of accumulation retirement money by the employed people themselves. Therefore, the population will take care of their own pensions, work hard, save and thus secure their old age. Special funds will be created that will be investing their savings and thus the basic money will be created for the future welfare of the population. (The Messenger)