Parliament has begun considering amendments to Georgia’s Law on Funded Pensions. The package, to be adopted under an accelerated procedure, covers five laws and introduces an amnesty for unpaid pension fund fines while reducing penalties for employers who fail to properly meet pension contribution obligations.
According to Paata Kvizhinadze, one of the bill’s authors, the amnesty will apply to around 13,500 businesses and GEL 43 million in unpaid fines, provided employers have paid the required pension contributions to their employees. Those who have not yet done so will have until January 1 to settle the contributions and qualify for the write-off.
The changes will also reduce the fine for a first violation from GEL 500 to GEL 300, while repeat violations will fall from GEL 1,000 to GEL 300. Employers will receive notifications through the Revenue Service and Pension Fund platforms, as well as by SMS and other channels, and will have 10 working days to correct an error before the penalty takes effect.
A Pension Fund Dispute Council will also be established to review disagreements between businesses and the agency. In certain cases, fines may be spread over 18 months, while disputed penalties will be suspended until the council reaches a decision. Kvizhinadze said the changes aim to improve compliance while preventing penalties caused by unintentional errors.
