International Internet Magazine. Baltic States news & analytics
Sunday, 30.04.2017, 21:37
During the first two months of 2017, Latvia's private pension funds increased their aggregate capital by EUR 7.92 mln or 2.1 % to EUR 388.517 mln, according to the information released by the Latvian Association of Commercial Banks writes LETA.
Keyword tags: Financial Services, Funds, Good for Business, Latvia, Pensioners
According to the Central Statistical Bureau, Latvia registered the smallest increase in the average pension amount in the Baltics last year.
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.
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.