President does not sign amendment to pension accumulation law

The president did not sign the amendments to the Law on Accumulated Pensions. This was announced at a press conference by his parliamentary secretary, Giorgi Mskhiladze.

Parliament passed amendments to the law in late June.

“The President of Georgia did not sign the amendments to the Law on Accumulated Pensions, which were returned to Parliament.

With the implementation of the reform, members of the pension fund management board will be appointed by the prime minister, while in the previous model, members of the fund investment committee were elected by parliament. It is unacceptable and inadmissible to withdraw this process from parliament and concentrate power in the hands of the prime minister.

The risk posed by the above changes is that the membership of the Board will be composed of cadres who hold the interests of the ruling power, which will make it possible that the investment of the fund will be determined by the political decisions of the ruling power in various governments, rather than by the political decisions of the ruling power, which will only be profitable projects and will not serve the best interests of the people.

Pension reform is considered one of Georgia’s successful reforms, so it is unreasonable to adopt such a reform, which damages the reputation of this reform and shakes the people’s confidence in it. A sound pension system and its reliability are directly related to the well-being of citizens, therefore, we call on the Georgian government to act in the interests of more than one and a half million Georgians.

Here we clarify that this does not mean the return of the law to Parliament with motivated speech, the so-called “After the veto, the President exercises his constitutional right and sends the law back to Parliament, and the Speaker of Parliament signs it within 5 days”. – Mskiladze said.