Analytics, Financial Services, Legislation, Lithuania, Pensioners

That means the average old-age pension could increase from 377 to 404 euros, and the average old-age pension with the necessary working time would go up from 399 to 428 euros, the Social Security and Labor Ministry said.

The existing economic conditions allow indexing pensions next year as well, Social Security and Labor Minister Linas Kukuraitis says.

"The economic conditions allow us to continue with pension indexation next year as well, despite the difficulties caused by the coronavirus pandemic. Since it’s clear already that Lithuania's economic downturn is one of the smallest in the EU, we can look optimistically into the future," Kukuraitis was quoted as saying in a statement.

In his words, 249 million euros would be necessary from the state and social insurance fund SoDra for pension indexation next year.