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Sunday, 05.07.2015, 08:59
Financial literacy of Latvian residents is gradually improving, according to study by the Financial and Capital Market Commission, cites LETA.
Keyword tags: Banks, Financial Services, Latvia, Loan, Pensioners, Society
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.
The government of Latvia on May 19th decided that the Welfare Ministry's amendments to the Law on State Pensions would be reviewed once work on the 2016 state budget commences, reports LETA.
Taking into consideration the European Commission's forecast that Latvia will have consolidate the 2016 state budget by 0.3% of gross domestic product, the Finance Ministry is urging the government to act responsibly when reviewing the Welfare Ministry's amendments to the Law on Pensions, as the proposed amendments will have a significant fiscal impact on the budget, writes LETA.