Georgian Pension System. At the End of the Career Ladder

      Аннотация: The paper “Georgian Pension System under Reform” is one of the Giorgi Rostiashvili’s work, which was done in frames of the Lane Kirkland Scholarships Program. The research was done during 2016-2017 academic year. The main topic of study refers to the public and private pillars of the pension systems in Georgia and Poland. It briefly overviews the “Welfare State” concept, social expenses categories, as well as Georgian and Polish pension systems. In the JEL classification system the following key categories are included: government and policy regulation, nonfinancial financial institutions, social security and public pensions. The necessity for the pension system reform in Georgia is obvious. Reform process is quite challenging as our economy is in still developing phase. Management of pension funds are tightly connected to the capital market. As the capital market strategy is being developed in parallel of pension fund scheme, it contains some uncertainty and risk of failure. Though the current system does not meet the requirements of liberal economy and it ought to be changed. Moving to a new system will take a long time but the shift from the old one to new one should be smooth.

Ключевые слова: pension system, Career Ladder, Accumulative Pension Fund, Social Pension, Socially Oriented Budget, The Aggregate Replacement Ratio