Financial mechanism of pension provision in Georgia: problems and perspectives of development

The pension system is on of the main component of the country’s social policy. To ensure the economy social welfare of the country, it is necessary to establish an effective pension system. In terms of demographic and economic processes in the world and also, in Georgia, it is necessary to reform the pension system.
The goal of the work considers to assess, the financial support mechanism of the new pension system introduced in Georgia and make conclusions of the basis of foreign experience.
The paper discusses pension systems in Georgia as well as in different countries of the world. The financial support mechanism of the new pension system and the problems that accompany the formation of a new pension scheme.
The need to create a new pillar of the pension system in our country is also, discussed in detail. Its positive and negative side effects, which show the works and opinions of various experts or scientists.
Also, the paper combines the results and future trends achieved since the establishment of the new pension system. The official data published by the Pension Agency was used to show the results obtained. Attention is also paid to the activities of the Investment Council and the steps taken by it.
The paper also presents data from a study conducted with the participation of different groups of the society, which aimed to determine the attitude of the population. Based on the results obtained, opinions and recommendations on the future functioning of the pension system are expressed.