,,საპენსიო დანაზოგების ინვესტირება ხორციელდება მხოლოდ დაბალი რისკის მქონე საინვესტიციო ინსტრუმენტებში”
ირმა ცეცხლაძე 27 48 93 –
2019 wlis pirveli ianvridan saqarTveloSi amoqmedda egreT wodebuli dagrovebiTi sapensio sistema, romelic savaldebuloa yvelasTvis, vinc 2019 wlis pirvel ianvramde 40 welze naklebis iyo. Tu amaze metiAs, maSin imave wels, aprilidan ivnisamde, gqondaT saSualeba, uari geTqvaT am sistemaze
aqve vTqvaT, rom axali sistemis SemoReba winas gauqmebas ar gulisxmobda. arsebuli saxelmwifo pensia isev ZalaSia.
am statiaSi dagrovebiTi sapensio sistemis Sinaarss mimovixilavT, getyviT, rogor iTvleba sapensio danazogi, vin ixdis mas da saerTod ratom SemoiRes igi.
– ra aris gadasaxadi?
marTalia, sapensio danazogs kanonmdeblobis doneze gadasaxadi ar hqvia, Tumca Tu davfiqrdebiT, is TiTqmis arafriT gansxvavdeba iseTi gadasaxadisgan, rogoricaa saSemosavlo.
martivi kiTxva davsvaT: ratom vixdiT gadasaxadebs da ras xmardeba es fuli?
istoriis raRac momentSi adamianebma gadavwyviteT, rom sicocxles gavimartivebdiT, Tu konkretuli saqmeebis (iseTi rogoricaa Tavdacva, samarTali da infrastruqtura) aRsasruleblad da samarTavad SevqmnidiT erT did sajaro organizacias. es organizacia saxelmwifoa. mas iseve, rogorc servisebisa da produqciis yvela sxva mimwodebels, Tavisi fasdadeba aqvs, magram, saxelmwifos erTi didi ram ganasxvavebs Cveulebrivi organizaciisgan – misi mesakuTre xalxia. yovel SemTxvevaSi, furcelze mainc. momxmarebeli vinRaa? isev xalxi.
Cven SevqmeniT organizacia, raTa Cvensave Tavs movemsaxuroT imitom, rom ase ufro optimaluria. radganac xalxi mesakuTrecaa da momxmarebelic, mas mogebac ekuTvnis da servisisa da produqtis misaRebad fulis gadaxdac (SegviZlia investiciac davarqvaT).
saxelmwifos, Tavisi bunebidan gamomdinare, sakuTari resursi ar aqvs, amitom es resursi xalxisgan unda miiRos. Aai, amas emsaxureba gadasaxadebis arseboba da mets arafers. gamovida, rom Cven saxelmwifos vaZlevT fuls, rom sanacvlod garkveuli servisebi miviRoT. saSemosavlo, mogebis, importis, aqcizisa da damatebiTi Rirebulebis gadasaxadebi calsaxad am mizans emsaxureba. es konstituciaSic ase weria.
– rogor grovdeba pensia da sad midis es fuli?
damsaqmebeli ixdis daricxuli xelfasis 2%-s, dasaqmebulic – 2%-s da saxelmwifoc – 2%-s. magaliTad, Tu Seni xelfasi 1 000 laria, damsaqmebeli sapensio fondSi gadaixdis 20 lars, Sen, anu dasaqmebuli, aseve 20 lars da saxelmwifoc – 20 lars. es, sabolood, TveSi 60 lari gamova. oRond gaiTvaliswineT, rom xelfass jer saSemosavlo gadasaxadi eWreba da Semdeg es 2%. im SemTxvevaSi, Tu Seni xelfasi weliwadSi 24 aTas lars gadaaWarbebs, saxelmwifo mxolod 1 procents gaiRebs, xolo Tu 60 aTas larze metia, saxelmwifo Tavis wils saerTod aRar ixdis.
es Tanxa sapensio fondSi midis, romelic saxelmwifosgan damoukidebeli organoa da romelsac sxvadasxva riskis mqone fasiani qaRaldebis SeZena SeuZlia, anu am fulis gasesxeba. bundovania, Tu ra meqanizmebiT da vin unda marTos es Tanxebi. Sesabamisad, Cndeba SekiTxva: ramdenad dazRveuli iqneba resursi? magaliTad, xom ar gamoiyeneben mas sxva miznebisTvis krizisul viTarebaSi.
ZaRlis Tavi ki iq marxia, rom saqarTvelos sazRvrebSi aseTi fasiani qaRaldebis ulimitod mimwodebeli Tavad saxelmwifoa. es imas niSnavs, rom Tavisuflad SeuZlia am fulis sesxis saxiT aReba. saRi azri ki gvkarnaxobs, rom am SesaZleblobas xelisufleba ar gauSvebs xelidan.
axla, albaT, cxadi unda iyos, Tu ratom hgavs es sistema farul gadasaxads. faruls imitom, rom furcelze es fuli sapensio fondSi midis, romelic saxelmwifosgan damoukidebeli organoa, da kidev imitom, rom saxelmwifos am fulze mxolod sesxis meSveobiT miuwvdeba xeli. TvalSi sacemia aseve isic, rom saxelmwifos mier gamoSvebuli fasiani qaRaldebi (anu mis mier aRebuli sesxebi) dabalprocentiania.
Cvens qveyanaSi imdenad varT sityva `savaldebulos~ SeCveulni, rom ukve yuradRebasac aRar vaqcevT. `savaldebulo dagrovebiTi sapensio sistema~ Tu aseTi kargia, ratom aris savaldebulo da fulis drois Rirebulebaze ratom araferia naTqvami? es mniSvnelovani sakiTxia, radgan `savaldebulooba~ zustadac rom gadasaxadis niSnuli maxasiaTebelia.
amas garda, sxva SeniSvnebic arsebobs am sistemis mimarT, romlis Sesaxebac statia `saerTaSoriso gamWvirvaloba saqarTvelom~ gamoaqveyna da romelsac aq warmogidgenT:
`sxva SeniSvnebi da riskebi
`qarTuli ocnebis~ 2016 wlis saarCevno programaSi (gv. 16) da 2018-2020 wlebis samTavrobo programaSi (gv. 19) weria, rom `farTod dainergeba regulirebis gavlenis Sefasebis (RIA) instrumenti, rac mogvcems saSualebas, TiToeuli gadawyvetilebis gavlena biznesze iyos winaswar gaanalizebuli~. regulirebis gavlenis Sefasebis gamoyenebas iTxovs evrokavSirTan asocirebis SeTanxmebac (muxli 225). miuxedavad amisa, sapensio reformasTan dakavSirebuli kanonproeqti ise Sevida parlamentSi, rom regulirebis gavlenis Sefaseba ar Catarebula. es im fonze, rodesac reforma garkveuli riskebis matarebelia. Sesabamisad, ar aris naTeli, Tu ra sargebels moutans qveyanas savaldebulo dagrovebiT sapensio sistemaze gadasvla da ratom aris is ualternativo.
xelisufleba zogadad ambobs, rom SemoTavazebuli sapensio sistema saukeTeso saerTaSoriso praqtikas efuZneba, Tumca, mniSvnelovania daasaxelos erTi konkretuli qveyana mainc, romlis gamocdilebasTanac yvelaze axlos iqneba saqarTvelos sapensio modeli. am dros, gasaTvaliswinebelia, rom evrokavSiris zogierT qveyanaSic ki savaldebulo dagrovebiTi sapensio sistema arcTu ise warmatebuli aRmoCnda (magaliTad, ungreTSi, poloneTSi).
damsaqmebelTa davaldebuleba, savaldebulo wesiT sapensio fondSi mimarTon 40-wlamde dasaqmebulebis Sromis anazRaurebis 2%, faqtobrivad, gadasaxadis xasiaTs atarebs da ewinaaRmdegeba saqarTvelos konstitucias, romlis mixedviTac aqcizis garda nebismieri axali gadasaxadis SemoReba referendumis Catarebas moiTxovs.
SemoTavazebuli iniciativa ver uzrunvelyofs e.w. `Rirseul pensias~, radgan samuSao asakis mqone mosaxleobis mxolod 25% aris daqiravebiT dasaqmebuli, 34% TviTdasaqmebulia, xolo 41% umuSevaria an samuSao ZalaSi ar Sedis. gasaTvaliswinebelia isic, rom dasaqmebulTa 58,4 procenti 40 da meti asakis adamianebia, romlebzec sapensio sqemaSi CarTvis valdebuleba ar vrceldeba. Sedegad, gamodis, rom savaldebulo dagrovebiTi sapensio sistema samuSao asakis mqone mosaxleobis mxolod 10.5%-ze gavrceldeba.
`Rirseuli pensiis~ aRebis saSualebas ar iZleva arsebuli dabali xelfasebi. daqiravebiT dasaqmebulTa saSualo xelfasi TveSi daaxloebiT 1000 laria. rac niSnavs, rom momavali 25 wlis ganmavlobaSi, Tu davuSvebT realuri xelfasis yovelwliurad 5%-iT zrdas da realur 5%-ian sainvesticio Semosavals, pensiaze gasvlis Semdeg, dagrovili Tanxidan yovelTviuri pensia (15 welze) 210 lari iqneba.
SemoTavazebuli sapensio sistemiT, saxelmwifo mosaxleobaSi socialur uTanasworobis zrdas uwyobs xels. momavalSi saxelmwifo dasaqmebul da maRalSemosavlian moqalaqeebs Tanxobrivad ufro met kontribucias gaukeTebs pensiaSi, vidre umuSevrebs da dabalSemosavlian mosaxleobas. Sesabamisad, sxva Tanabar pirobebSi, sapensio asakis mosaxleobaSi socialuri uTanasworoba gaizrdeba.
nominaluri analizis Sedegad martivad gamarTlebadia es sistema, gvesmis frazebi – gazrdili sainvesticio kapitali, ufaso fuli, ekonomikuri winsvla, Rirseuli sibere da a.S. Tumca, siRrmiseulma analizma SeiZleba sul sxva mxare dagvanaxos. jer amaze detalurad saubari adrea da albaT, kidev ramdenime weli iqneba saWiro, rom am sistemis realuri Sedegebis gaanalizeba SevZloT~.
– rogor aviRebT dagrovebul pensias?
Tu mxolod 5 weli iyavi am sqemaSi, pensiaze gasvlisas SegiZliaT Tanxa erTbaSad gaitano. sxva SemTxvevaSi, pensiaSi gasvlis dros dagrovili Tanxa gadanawildeba droze, romelic im momentisTvis miCneuli iqneba sicocxlis saSualo xangrZlivobad. magaliTad, Tu statistikis erovnuli samsaxuri 2030 wels daadgens, rom sicocxlis saSualo xangrZlivoba mamakacis SemTxvevaSi 75 welia, pensiaze 65 wlis asakSi gasul moqalaqes Tanxa 10 welze gadaunawildeba da yovelTviurad aiRebs. Tu Tanxis srulad aTviseba ver moaxerxe, is gadaecema memkvidres.
am Temaze gTavazobT intervius sapensio saagentos ufros sainvesticio oficer giorgi meliqiZesTan.
– rodis daiwyeba Tanxebis investireba da ra sikeTes moutans qveyanas axali kapitalis bazris Seqmna?
– Tanxebis investireba ukve didi xania dawyebulia da am droisTvis ganTavsebulia saqarTvelos komerciul bankebSi sxvadasxva sainvesticio produqtebSi, xolo uaxloes ramdenime dReSi, roca SerCeul specializebul depozitarTan xeli moewereba xelSekrulebas, SegveZleba kapitalis bazris instrumentebSi investireba, maT Soris, saxazino da komerciul obligaciebSi, globalur aqciebSi, indeqsebSi. es uzrunvelyofs portfelis met diversifikacias. kapitalis bazris Seqmna qveyanaSi xels Seuwyobs kompaniebisTvis alternatiuli dafinansebis wyaros moZiebas maTTvis metad xelsayreli pirobebiT. qveynis finansur bazarze Seiqmneba metad konkurentuli da dinamikuri garemo.
– rogor kontroldeba riski?
– sapensio fondSi riski kontroldeba `dacvis sami xazis~ principiT, romelic gulisxmobs Semdegs: 1. dacvis pirveli xazi, sainvesticio samsaxuri pasuxismgebelia sainvesticio riskebis Sefasebasa da marTvaze. 2. meore xazi, anu riskis mTavari oficeri, sainvesticio samsaxurisgan damoukideblad akontrolebs investiciebis riskebs da dadgenil limitebTan Sesabamisobas. 3. mesame xazi, Sida auditi, romelic eqvemdebareba sapensio saagentos direqtorsa da sameTvalyureo sabWos, damoukideblad amowmebs dacvis 1-li da me-2 xazis muSaobis efeqturobasa da Sesabamisobas riskebTan.
– sad aris ganTavsebuli sapensio aqtivebi?
– am etapze sapensio aqtivebi ganTavsebulia 8 qarTul komerciul bankSi (romelTac saerTaSoriso sareitingo kompaniebis mier miniWebuli aqvT sakredito reitingi) sadepozito sertifikatebSi, vadian anabrebsa da sargeblian angariSebze.
– ramdenia sadepozito sertifikatebSi da ramdeni wilobrivi monacemi – vadian depozitebSi da sargeblian mimdinare angariSebze?
– sapensio aqtivebis 68% ganTavsebulia sadepozito sertifikatebsa da vadian anabrebSi, xolo 32% – sargeblian mimdinare angariSebze.
– rogoria sapensio fondis mimdinare wliuri efeqturi Semosavlianoba?
– wliuri saSualo efeqturi Semosavlianoba am droisTvis Seadgens 11,34%-s, xolo sapensio fondis momgebianoba misi amoqmedebis dRidan Seadgens 28%-s.
– rogor gavigoT, ramdenad efeqturadaa Cemi wili dabandebuli?
– sapensio saagentos vebgverdze yoveldRiurad qveyndeba sapensio fondis erTeulis Rirebuleba, aseve, fondis moculoba da gadanawileba finansuri instumentebis mixedviT. amasTanave, Tqvens pirad internet/mobail bankSi SegiZliaT SeamowmoT Tqveni danazogi da misi zrdis dinamika.
– Tuki biznesi gakotrda, Cemi wilic daikargeba?
– sapensio danazogebis investireba xorcieldeba mxolod dabali riskis mqone sainvesticio instrumentebSi. am etapze da saSualo vadian periodSi sapensio danazogebis investireba ar moxdeba erT romelime konkretul biznesSi an proeqtSi da es kanoniT aris daregulirebuli. Sesabamisad, msgavsi riski ar arsebobs.
