MG Law advises the Government of Georgia on Pension Reform

Within the framework of the World Bank Group support to the authorities of Georgia under the Country Partnership Framework and the Financial Sector Deepening and Inclusion Project funded by the FIRST Initiative Trust Fund, MG Law firm assisted the authorities of Georgia to undertake legal review and prepare recommendations for legal changes to support pension reform. Specifically, MG Law worked with the Ministry of Economy and Sustainable Development and other stakeholders in drafting legal provisions and amendments for a set of complementary laws (e.g. changes into the Law on National Bank of Georgia, Law on Enforcement Procedures, Law on State Audit Office, Law on Licenses and Permits, Law on Securities Market, Law on State Procurement, Tax Code of Georgia, Code of Administrative Offences of Georgia and the Rules of Procedure of Parliament of Georgia) to support the Law of Georgia on Pension Savings that was adopted by the Parliament of Georgia on July 22, 2018 and will come into force on January 1, 2019.

The reform aims to secure the interests of pensioners at retirement by introducing contributory pension savings system (with contributions from an employee, employer and the State of Georgia) in addition to an existing old age social pension.

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