On Monday, October 9th, ISET hosted George Luarsabishvili, Economist at the Georgia Resident Mission of the Asian Development Bank. Mr. Luarsabishvili made a presentation on Pension Reform in Georgia.

Mr. Luarsabishvili first reviewed the current pension system of the country, existing challenges, and the rationale of the reform. He then discussed the details of pension reform in Georgia. The government of Georgia intends to introduce a multi-pillar pension system based on an occupational defined contribution pension, as an add-on to the existing zero pillar, with support from development partners, including ADB, starting in 2018. The objective of the reform is to restructure the existing pension system so that it helps prevent poverty for senior citizens, is affordable for both individuals and society, and is sustainable in the long-term. The reform introduces a supplemental contributory pension savings pillar to provide additional pension income and a more adequate replacement rate, while universal social pensions will become mainly a poverty alleviation tool.

The seminar was very informative, and audience expressed a deep interest in the topic. The presentation was followed by Q&A session with quite an interesting discussion. The ISET community would like to thank ADB and Mr. Luarsabishvili for a very interesting presentation.