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Thursday, 18.04.2024, 02:19
Latvia’s president promulgates amendments to Pensions Law
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As reported, Saeima passed the amendments on June 18, 2015.
The law stipulates that pensions will be recalculated as of next year, while pensions that are scheduled for review in specific years, as well as the review regulations, will be included in the annual state budget law and medium-term budget framework law, considering the state budget's opportunities.
The amendments stipulate limiting fluctuations in the individual's pension capital (the accumulated social insurance contributions), without reducing the volume of pensions, when the index applicable to wages subject to insurance contributions is less than the figure "1". In this situation, the pension capital will remain intact.
The amendments also include a mechanism that will prevent overly fast growth in the pension capital volume during the economic growth period.
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