International Internet Magazine. Baltic States news & analytics
Thursday, 28.07.2016, 09:38
The Lithuanian parliament on June 29th gave its final green light to start in 2017 a reform of the pay-as-you-go social security system that provides for introducing a ceiling on social insurance contributions and for using state budget funds to pay basic pensions, informs LETA/BNS.
Keyword tags: Analytics, Financial Services, Legislation, Lithuania, Pensioners, Society
The global capital market turmoil caused by Britain's decision to leave the European Union is unlikely to prompt Lithuanian pension funds to revise their strategies in the near term, the president of the Lithuanian Investment and Pension Funds' Association said on June 27th, cites LETA/BNS.
Commissioner Jonathan Hill responded to modern issues concerning deepening of the single market, building a Capital Markets Union, and supporting strong pensions market in Europe. At the “Pensions Europe Conference”, he claimed that the number of retired people will double in the near future and that pension funds can strengthen EU financial sector.
AS LHV Varahaldus, asset management subsidiary of AS LHV Group, bought Danske Capital AS for 10.92 million euros, LHV told the stock exchange, informs LETA/BNS.
In the first quarter of the year 2016, the capital accumulated in the government-funded or second-pillar pension scheme in Latvia grew by EUR 72.9 million or 3.1% to EUR 2.4 billion at the end of March, reported LETA, referring to the Finance and Capital Market Commission (FCMC).
The Latvian Federation of Pensioners has sent a letter to Prime Minister Maris Kucinskis (Greens/Farmers) with a request to create a mechanism to compensate low-income pensioners for the rising cost of electricity.
The average old-age pension in Estonia was 370.6 euros per month in the first quarter of 2016, data of Statistics Estonia show, cites LETA.