Analytics, Financial Services, Legislation, Lithuania, Pensioners

It is estimated that the average old-age pension in that case would grow by LTL 16-17 (EUR 4.6-4.9), although it is yet difficult to say how much the lowest pensions would rise.

The Seimas Speaker Loreta Grauziniene said that the budget deficit could be somewhat increased in order to implement the plan. According to her, people's pensions have to be increased.

Meanwhile, Prime Minister Algirdas Butkevicius proposed to take into account the overall financial situation when considering the rather insignificant change.

"If we did not have to live for the past and compensate pensions, we would be able to allocate threefold as much to increase pensions," Butkevicius emphasised.

It is projected that LTL 120 million (EUR million) is needed for pension compensations. If, according to the prime minister, the amount was added to raise pensions then the basic pension and the insured income would grow by approximately LTL 30 (EUR 8.7).

"You know, when I talk with my colleagues, both Latvian, Estonian and other prime ministers, they are astonished by the amount we have to allocate for the past. That is why Lithuanian citizens' pensions are lower compared to Estonians', salaries are also lower compared to other Baltic countries. Whereas we could be the leaders among the Baltic States both in the growth of the average salary and pension," the prime minister claimed.