The Budget and Finance Committee considered, under an expedited procedure and at the I reading, amendments to the Law on Funded Pensions, together with the accompanying draft laws, and supported them.

The amendments provide for the conditional exemption of employers from administrative sanctions/fines - imposed by the Pension Fund after May 1, 2025, provided that the respective employers fully make the required pension contributions and pay the accrued penalties no later than December 31, 2026.

Under the legislative package, the amount of the fine will be GEL 300, instead of GEL 500 and GEL 1,000 for first-time and repeated violations, respectively. A Dispute Resolution Service will be established within the Pension Fund. It will be possible to pay pension contributions and accrued interest in installments over a period of up to 18 months. The procedure for serving and appealing fines will also be clarified. If the contribution is paid within 10 days, the fine will be cancelled, while in the event of an appeal, enforcement will be suspended.

According to the reporter, Paata Kvizhinadze, Committee Chair, the amnesty will apply to 13,500 entrepreneurs and concerns fines amounting to GEL 43 million.