Today, the members of the European Georgia – Movement for Freedom: Sergi Kapanadze and Irma Nadirashvili, and the member of the European Georgia – Regions, Zurab Chiaberashvili held the briefing to introduce the initiative to media.

European Georgia initiates suspension of the accumulative pension system until consideration of the alternative model. “The system proved to be highly defective. No one knows where the mobilized sums will be deposited. There is no investment council established. Other details of the model are as well vague. We demand from the Parliament to start discussion of the accumulative pension model offered by the European Georgia, envisaging:

• Every citizen reserving the choice to be voluntarily engaged in the pension scheme;
• This model is equally accessible for the persons of all age;
• The initiative allows the participant of the scheme to at own discretion define monthly amount.

According to the accumulative pension system we offer, the pedagogue of 40 years old with 500 GEL salary, upon retirement, shall monthly receive 576 GEL other than the basic pension.

The accumulative pension of the persons with higher salaries is even higher. For comparison: the pedagogue we have mentioned will receive only 85 GEL according to the scheme by Georgian Dream.

The accumulative pension system by European Georgia is based on the tax remission principle: the citizen, if decides to engage in pension system for his/her dignified old age, will use the income tax deduced from his/her very salary which currently is directed to the budget by Georgian Dream.

The pension system by European Georgia does not use the budget funds and does not establish the additional tax to the employers. Correspondingly, it does not entail increased unemployment of the persons under 40 as it is entailed with the scheme by Georgian Dream.

“The accumulative pension system by European Georgia is administered without the additional bureaucracy, which minimizes the change of the officials to benefit from the pension funds and to participate in corruption. The participant of the pension scheme at own discretion decides to be engaged or not in the scheme, as well as enjoys the option of the companies for his/her accumulated pension”, - S. Kapanadze noted.