What are the statutory pension benefits in Georgia?

In Georgia, statutory pension benefits require mandatory pension contributions for all Georgian citizens under the age of 40. Employers must manage these contributions as follows, effective from May 1, 2025:

• File income tax returns with the Revenue Service by the usual deadline, typically the 15th of the following month, to ensure correct pension fund contributions.
• Correct contributions for periods prior to May 1, 2025, using annual corrective declarations through the pension administration system.

Employees and self-employed individuals who wish to voluntarily participate in the pension scheme must apply directly to the Pension Fund of Georgia or the House of Justice since employers will not manage this post-May 2025.

Non-compliance with these pension contribution requirements will result in automatic fines and penalties, calculated daily at the monetary policy rate of the National Bank of Georgia. Employers are responsible for these penalties and contributions and cannot deduct these amounts from the employee's salary. If unresolved within 30 days, the Pension Fund may issue an enforcement order to direct fines to the State Budget of Georgia and contributions to individual pension accounts.