Budget, Financial Services, Latvia, Legislation, Pensioners

The minister began his address at the congress by thanking the federation for the good work it was doing, stressing that, in cooperation with the federation, the Welfare Ministry had drawn up amendments to the Law on State Pensions that the government would review on May 19. The amendments are meant to eliminate the unfair coefficients by which pensions increase in Latvia, said the minister, adding that if economic growth was too fast, the coefficients could be reduced.

The social budget is "working well" and there is a comparatively large surplus in the budget at the moment. Even without any reforms, the social budget will accumulate surplus of EUR 700 million by 2018, which, if need be, could be used as a "safety cushion", explained the minister.

Concluding his speech, Augulis wished pensioners good health and a successful congress.

The Latvian Pensioners Federation's board previously told LETA that organization of major protests would be considered during the congress. In addition, participants in the congress will assess the federation's performance for the past four years.