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Jaba Urotadze 

PhD Student 

Ivane Javakhishvili Tbilisi State University 

Pension Policy of Georgia and Alternative Models 

Resume

The presented work analyzes the necessity of implementing the mandatory 

funded pension system in Georgia as an optimal means of improving pen-

sioners’ socio-economic conditions . The paper reveals the problems in the exis-

ting pension system and emphasizes their actuality. It also identifies the prob-

lems that the country’s economy will face if the existing pension system will not 

be reformed and offers some alternative ways of solving the problem. Re-

commendations are presented in order to implement the chosen alternative.  

Matrix of probable results of alternative pension policy 

criteria of 

estimation 

(maximum 5 

points) 

alternative I 

status quo, state 

pension system 

alternative II 

mandatory state 

funded pension 

system 

alternative III 

mandatory 

private funded 

pension system 

expenditures 1 

2  4 

results 1 

2 

4 

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saqarTvelos sapensio politika  

da alternatiuli modelebi 

323

institutional 

abilities 

1 2 4 

politically 

suitable  

1 2 3 

level of 

satisfaction of 

beneficiaries 

0 2 4 

terms of 

fulfillment 

N/A 3  2 

The best alternative is the third one – mandatory private funded pension 

system. To fulfill this alternative several recommendations have been drawn 

out: 

1. The source of filling up private pension funds must be determined. The 

responsibility in this respect will be shared by both, employer and employee. 

2. The participation in private pension funds must be mandatory only for 

the part of the population who will be able to save enough money during their 

working career to ensure a decent quality of living after retirement. 

3. It is essential to carry out an active informational campaign among the 

population in order to increase trust in the new pension system. High activity 

and initiative of the population will ensure the success of this reform. 

The implementation of the proposed mandatory private funded pension 

system will increase the importance of the private sector and social responsi-

bility of the population in terms of pension insurance. An employee him-

self/herself will be responsible for his/her financial condition after the retire-

ment, while the state will be oriented only towards assisting socially unprotected 

people. A large amount of financial resources will be allocated in funds and will 

be used as investment resources, which will be an important factor for the 

development of Georgian economy. 

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