International Internet Magazine. Baltic States news & analytics
Sunday, 02.08.2015, 05:13
Nearly all of the 2nd pillar pension funds operating in Lithuania recorded positive returns in the first half of 2015, while the average change in an investment unit was 4.70%. Since the beginning of the year the value of the net assets of 2nd pillar pension funds has increased by EUR 178.19 million and amounted to EUR 2.044 billion (LTL 7.057 billion), reports LETA/ELTA, referring to the Bank of Lithuania.
Keyword tags: Financial Services, Funds, Investments, Lithuania, Pensioners
The number of older people in Lithuania is rising (in 1990, pensioners represented 19% of the total population, in 2014 – 22.4%), the need for social services is increasing, however the supply of services remains poor and hardly accessible, reports LETA/ELTA, referring to the National Audit Office says.
Financial literacy of Latvian residents is gradually improving, according to study by the Financial and Capital Market Commission, cites LETA.
The minimum monthly wage and the old-age pension has been increased in Lithuania from 1 July 2015, reports LETA/ELTA.
The Finance Ministry wants to introduce minimum social contributions in Latvia from 2016 – regardless of a person's salary, he or she, or the person's employer will have to pay a certain amount in social contributions, as Finance Minister Janis Reirs (Unity) said during a meeting with the Latvian Pensioners' Federation on June 30th 2015, informs LETA.
Latvia’s president Andris Berzins on June 26th 2015 promulgated amendments to the Law on State Pensions, stipulating recalculation of pensions as of next year in order to prevent the impact of a negative index of mandatory state social insurance contributions (capital index), writes LETA.
In 2014, the number of recipients of old-age pensions paid by the State Social Insurance Fund (Sodra) decreased by a thousand to 599,600. By the end of 2014, as much as 923,200 people received at least one type of pension, i.e. one in three Lithuanians, writes LETA/ELTA.