Budget, Financial Services, Legislation, Lithuania, Wages

International Internet Magazine. Baltic States news & analytics Monday, 23.05.2022, 05:35

Lithuania’s Seimas passes 2016 budget

BC, Vilnius, 10.12.2015.Print version
The Lithuanian Seimas [parliament] on December 10th passed the state’s budget for 2016, which provides for increases in the minimum monthly wage, non-taxable income and pensions, by a vote of 76 to 34 with 14 abstentions, reports LETA/BNS.

The non-taxable income next year will increase to 200 euros, from 166 euros. Additional non-taxable income for households with dependent children will be raised to 120 euros, from 60 euros.

 

The minimum monthly wage, currently at 325 euros, will be increased to 350 euros in January and will be raised further to 380 euros in July. Budget allocations for these increases will amount to 27.2 million euro and 21.1 million euros, respectively.

 

Moreover, the average old-age pension, currently at 265 euros, is projected to increase by approximately 8 euros next year (for pensioners with the qualifying period of service).

 

The central government’s budget for 2016, not including the European Union’s support, is planned with 5.945 billion euros in revenue (up from EUR 5.666 b planned in 2015) and 6.586 billion euros in expenditure (up from EUR 6.074 b in 2015), leaving a deficit of 640 million euros (up from EUR 408 mln planned in 2015).

 

The amount of EU support to Lithuania will decrease by 222 million euros next year, to 2.101 billion euros.






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