Amendment to the Law Concerning Pension Saving Scheme

01 February 2018

Amendment to the Law Concerning Pension Saving Scheme

(126th meeting of Bureau of parliament)

  1. The initiative of the executive branch of government concerning the pension saving scheme and the project of respective amendment to the law was registered at the Bureau of the Parliament.
  2. Participation in the pension saving scheme does not restrict one’s right to receive the state pension or any other type of social pension or grant. The law will be fully enacted from July 1, 2018.
  • Participating in the pension saving scheme is mandatory for every representative of the workforce who is employed and the saving is to be taken from the salary. Participation in the pension saving scheme is optional for the self-employed.
    The law envisages a mechanism which allows individuals to not participate in the scheme.
  • Contribution for the scheme is defined by the amendment.
  • LEPL Pension Agency is responsible for implementing, managing and administrating the pension saving scheme. Marginal limit of remuneration for the employees of the agency doesn’t fall under the jurisdiction of the amendment.
  • The Supervisory Board carries out monitoring of the Pension Agency, as well as carrying out investment activities
  • The investment activities of the Agency is regulated by the Nation Bank

Amendment: https://info.parliament.ge/#law-drafting/15012

  1. The amendment to the Rules of Procedure of the Parliament and the respective normative acts was registered at the Bureau of the Parliament. The purpose of the amendment is to define the content of the explanatory note concerning the compatibility with international acts. According to the amendment:
  • Explanatory note should contain compatibility not only to the EU  directives but also to the legal acts
  • It should also be defined to which part or/and milestone of the agreement or the contract is connected with the amendment of the law. (if such exists)
  • On the behalf of the EU – Georgia association agreement, it will specify to which EU legal acts is connected with the amendment
  • The law concerning the normative acts will involve new attachment N1 and if the harmonization to the EU judicial acts is the aim, it will be mandatory for the initiator of the amendment to fill it in.

Amendment: https://info.parliament.ge/#law-drafting/15008

  1. The Bureau registered the motivated remarks of the President on the Amendments to the law on Broadcasting and the Law on Public Procurement to see the remarks below:

    https://info.parliament.ge/#law-drafting/15026
     
  2. The executive branch’s initiative on the Code of Product Safety and Free Circulation and the amendments to the applicable laws was registered at the Bureau. According to the initiative:
  • The scope of the regulation of the law has been expanded and it regulates the supervision of products placed on the Georgian market, with the requirements of the relevant technical regulations, and for which the LEPL Technical and Construction Supervisory Agency is defined the supervisory body. Hence, this does not apply to the supervision of products that fall under the law –the food/ animal food safety, veterinary and plant protection code.
  • Economical operators set fines, in order to: reduce facts hindering the supervisory system on market productions, to pausing the production realization caused by non-fulfillment of terms and conditions regulated by agency and for occasions considered by jurisdiction of the amendment.

Amendment: https://info.parliament.ge/#law-drafting/15009

  1. The Bureau registered the Amendment of Organization of Protection Animals, about well-being of animals, and the amendments to the applicable laws. According to the initiative:
  • It defines the legal status of animals, care conditions, owner’s obligations and responsibilities and central and local government competences about caring of animals.
  • Transportation conditions and  rules of companion animals
  • Will be defined isolate cases of animals, moreover, isolate should be carried out by those who are trained in organization of protection of animas and owns a certificate.
  • Amendment envisages the creation of an united registry and obligatory registration.

Amendment: https://info.parliament.ge/#law-drafting/15037  

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