Good news, “Starting next year, your pension will increase more than you thought…” – see how much your pension will increase

The Georgian government has announced that in the budget to be submitted to parliament after the elections, the pension for people under 70 will increase to 350 GEL instead of the original 335 GEL. Today, during the presentation of the 2025 budget draft to parliament, First Deputy Minister of Finance Giorgi Kakauridze spoke about this and stated that next year, the pension will increase by 35 GEL instead of 20 GEL. Regarding the issue, Deputy Minister of Finance Giorgi Kakauridze told BMG that An additional 100 million GEL will be spent from the budget on this increase. According to the original budget draft, the age pension for people under 70 was to be 335 GEL from 2025, which is 20 GEL more than the existing pension in 2024. Since 2019, the increase in the old-age pension in the country has been tied to a special formula; for persons under 70 years of age, it is tied only to the average inflation rate of the last 12 months, while for persons over 70 years of age, the annual pension review is tied to both the inflation rate of the last 12 months and the average economic growth rate of the last 4 quarters. In addition, the government undertakes to increase the pension for persons under 70 years of age by at least 20 GEL annually, and for persons over 70 years of age, the pension must increase by at least 35 GEL annually. According to the initial presentation of the 2025 budget, pensions for persons under 70 years of age were to increase from 315 GEL to 335 GEL, which was the minimum 20 GEL increase provided for by law, however, a few days ago, Prime Minister Irakli Kobakhidze announced that the pension increase for persons under 70 years of age in 2025 will be 35 GEL. As for the pension increase for persons over 70 years of age, their pensions will increase by 35 GEL in 2025, to 450 GEL. According to the first draft of the 2025 state budget, the budget for pension provision for the elderly will be 4.42 billion GEL. “We do not have a revised budget draft yet. The initiative is to increase pensions for both age categories by 35 GEL. The initiative requires approximately 100 million GEL and this should be reflected in the final version of the budget,” said Giorgi Kakauridze.