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The News in Brief

Monday, February 18
By Mariam Chanishvili

Pension contributions in 10 different banks placed by Pension Agency

The amount of money in pension contributions on nominal interest accounts is placed in 10 commercial banks. According to the Georgian Pension Agency, these banks are Bank of Georgia, TBC Bank, Halyk Bank Georgia, Liberty Bank, VTB Bank, BasisBank, Silk Road Bank, Pasha Bank and Cartu Bank Tera Bank.

Levan Surguladze, the director of the Pension Agency said that the distribution principle is very simple and that the money will be deposited to that particular bank, where the employees’ salaries are transferred.

According to the information by the agency, the amount of pension contributions is about 50 million GEL.

The Investment Council, which should determine where and how the deposits are invested, is not yet established.

Adopted by the parliament on July 21, 2018, the Accumulative Pension kicked off on January 1, 2019. Participation in the program is mandatory for legally employed people under 40 and voluntary for people above 40 as well as for self-employed citizens.

All employed citizens of Georgia aged 40 and under (around 500,000 people) transfer 2% of their untaxed monthly salaries to the state pension fund, with another 2% to be paid by employers and 2%-by the state. This means that every month, 6% of employees' salaries add to the pension fund.

Students on hunger strike at Ilia State University to meet with university staff

Students of the business school of Ilia State University in Georgia are continuing a hunger strike and demand the resignation of the University rector Giga Zedania next to his office.

They are demanding the return of Giorgi Kadagidze. Part of the students is asking Minister of Education Mikheil Batiashvili to show interest in the issue and personally study the processes in the university, including financial activities.

A working group of students at Ilia State University Business School will discuss their requirements on Monday at the meeting with the University staff.

Gigi Nozadze, a 3rd-year student at the University, said that the rector Giga Zedania approached them and noted that the creation of a working group would be good. Students accepted his proposal and agreed to negotiate.