The Transformation of Georgia from 2004 to 2012 by Dimitri Gvindadze

Author:Dimitri Gvindadze
Language: eng
Format: epub
ISBN: 9783031182648
Publisher: Springer International Publishing

The World Bank’s conceptual framework for pension reform includes 5 pillars2:1.

A non-contributory zero pillar (a social pension paid from budget to ensure minimum social protection for the elderly).

2.

A mandatory first pillar (pension contributions related to earnings, usually funded on a pay-as-you-go basis which subjects the pillar to political and demographic risks).

3.

A mandatory second pillar (typically a defined contribution personal saving account managed by a fund manager, where such individual contribution by employees can be matched with contributions from an employer and from a budget).

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