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International Internet Magazine. Baltic States news & analytics Thursday, 28.03.2024, 23:25

Latvia to increase spending on old age pensions by EUR 160 mln in 2018

BC, Riga, 19.09.2017.Print version
In 2018, expenditures earmarked in Latvia’s budget for old age pensions will grow by more than EUR 160 million, Welfare Minister Janis Reirs (Unity) told LETA.

The minister indicated that the total pension budget will be worth EUR 1.93 billion in 2018 and that it will rise by 9.19% against this year, which is a “significantly steeper increase than Latvia’s economic growth rate”.


In Reirs’ words, the original plan was to raise the pension budget by EUR 166 million next year, but the figure was eventually reduced in the process of recalculation. "The pensions are growing for everyone, they cannot be reduced," Reirs said.


The welfare minister explained that next year pensions will grow on several factors, including a new indexation formula.


As reported, the government has approved EUR 345 million worth of allocations for ministries' priorities in Latvia's 2018 budget, Finance Minister Dana Reizniece-Ozola (Greens/Farmers) told journalists last week.






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