Salaries of State Executives Exceed $60,000

Decades of corruption coupled with low average salaries in Georgia means the salaries of state employees are of particular national interest. Last week, Forbes Magazine Georgia listed the salaries of several directors of state organizations.

During the first nine months of 2018, state organizations spent 717.3 million GEL on salaries. An audit conducted by the Budget Monitor revealed that bonus costs amounted to an additional 1% of remuneration costs and supplemental expenditure accounted for 14% more, totaling an additional 141.7 million GEL.

Particular attention was paid to the newly created Pension Agency, where appointed council members should earn no more than $60,000 per year. Nonetheless, a high-ranking official earns more than this amount.

Representatives at other regulatory agencies and state companies earn similar amounts. However, it should be noted that some operate independently and most generate profit.

The salaries of the 10 highest paid employees amount to $1.7 million per year.

In 2017- 2018, these were the managers of state organizations who, according to Forbes Magazine, were paid the most:

1. Executive Director of the Partnership Fund – David Saganelidze

In three years, Saganelidze’s salary totaled 714,000 GEL. He is also thought to have received 404,250 GEL in bonuses during this time. Over a 4-year and 3-month period, his bonuses totaled over 1.1 million GEL.

2. Director of Georgian Railway – Davit Peradze

The Georgian Railway, owned by the Partnership Fund, is directed by Davit Peradze. His salary is 17,500 GEL per month or 210, 525 GEL per year.

3. General Director of the Georgian Oil and Gas Corporation – Giorgi Bakhtadze

The Partnership Fund holds a 100% share in the Oil and Gas Corporation and is therefore state-owned. Bakhtadze is said to earn 14,500 GEL per month or 175,000 GEL per year.

4. Head of Georgian State Electrosystem – Sulkhan Zumburidze

Sulkhan Zumburidze was Head of Electrosystem from 2017 to 2018. From 2013 to 2017, he received more than 1.4 million GEL, making him one of the highest paid employees. His salary averaged 28,000 GEL per month, or 341,000 GEL per year.

5. General Director of Electricity System Commercial Operator (Esco) – Vakhtang Ambokadze

Ambokadze is thought to have received 645,046 GEL over the past five years, averaging a salary of 11,000 GEL per month or 133,000 GEL per year.

6. Chairman of the National Energy and Water Supply Regulatory Commission – Irina Milorava

In 2018, Irina earned 151,500 GEL as Chairman compared to 165,000 GEL in 2016.

7. Chairman of the National Communications Regulatory Commission – Kakha Bekauri

Bekauri is one of the highest earning chairmen in Georgia. In 2018, he earned a salary of 241,376 GEL. Over the past five years, he has earned more than 1.1 million GEL.

8. President of the National Bank – Koba Gvenetadze

Gvenetadze earned 243,000 GEL as President of the National Bank in 2018, amounting to 20,250 GEL per month. In addition, Gvenetadze earned 165,000 and 78,000 GEL as Council member. His total earnings totaled more than half a million GEL.

9. Vice President of the National Bank – Muraz Kikoria

The former Vice President of the National Bank earned 137,391 GEL per year, or 11,500 GEL per month. He also earned an additional 78,000 GEL as a board member.

By Amy Jones

Image source: Advokatveiledning