The Main Objectives of Pension Reform

Abstract

The developed states of the modern world have already understood the need to reform the pension system, which will be adequate for the financial, demographic and economic challenges facing the civilized world. The need to reform the pension system in Georgia is becoming more and more relevant in recent years. One of the important reforms of state social policy and the future development of the economy is the creation of a funded pension system. International experience and the opinions of a number of researchers show that it is necessary to implement a number of reforms in the system. The introduction of the private pension system will make it possible for the social pension system to gradually become an instrument for overcoming poverty. The existing system allows citizens of retirement age to be protected from poverty. Thus, the private pension system would make it possible for the social pension to be aimed at overcoming poverty at retirement age and not at ensuring a high replacement rate. Keywords: Pension, Pension System, Employment.