International Internet Magazine. Baltic States news & analytics
Tuesday, 28.02.2017, 14:43
Lithuania's authorities are planning to introduce a minimum needs basket of around 240 to 250 euros that will show what minimum monthly income a person needs to survive, informs LETA/BNS.
Keyword tags: Budget, Financial Services, Lithuania, Pensioners, Society
A survey conducted by the Latvian Central Statistical Bureau (CSB) in 2016 showed that 424,000 people or 21.8% of Latvia's population were at risk of poverty in 2015, which is by 0.7 percentage points (ppt) less than in 2014.
The new term "retirement economy", as no other one, characterises realities not only of the modern labour market, but also of the world economy. The adverse demographic situation in the Baltic States allow speaking about the inability of the present retirement system for future pensioners. Besides low birth rate it is necessary to mention substantial out-migration of able-bodied population to other countries with good working opportunities. The adverse demographic situation and labour migration are the basis of pessimism and non-confidence of the population, especially of the youth, in the state retirement system.
The 2018 state budget will have to mend a EUR 50 million hole in the social budget, Welfare Minister Janis Reirs (Unity) said in an interview with Latvian Television, reports LETA.
Some 593,000 old-age pensioners and 202,000 disability pensioners in Lithuania will receive higher pensions starting January after the government approved on Wednesday an average increase of 20 euros in pension payments, reports LETA/BNS.
Provisional data of the Central Statistical Bureau (CSB) show that in 2015 social protection expenditure in Latvia accounted for 3 619.7 million euros and, compared to 2014, it has grown by 201 million euros or 5.9%. Expenditure on support for families and children increased by 24.1%, expenditure on support for disabled persons by 7.8%, and social expenditure on sickness and heath care by 7.5%.
During the first ten months of 2016, Latvia's private pension funds increased their aggregate capital by EUR 27.568 mln or 8.3 % to EUR 357.965 mln, the Association of Latvian Commercial Banks informed LETA.