Pensions in South Caucasus countries
By Messenger Staff
Friday, September 28Since the Rose Revolution in 2003 pensions in Georgia have increased sevenfold. In 2003 the average pension was 14 GEL; by 2011 it had increased to 100 GEL. However this amount only covers 70% of the average monthly cost of living. In Armenia an average pension covers 85% of the average monthly cost of living and in Azerbaijan the average pension actually slightly exceeds the average monthly cost of living. Another problem facing the South Caucasus countries is unemployment. The level of unemployment in Georgia is the highest among the three South Caucasus countries; officially it is approximately 16%, an increase since 2003. In Armenia the unemployment rate has stayed roughly the same since 2003 at around 10%, whereas in Azerbaijan the unemployment rate has actually fallen since 2003 to around 6%.