Financial Services, Legislation, Lithuania, Pensioners, Society

It was proposed to increase the state social insurance basic pension by EUR 4 (from EUR 108 to EUR 112), to establish the maximum amount of unrecalculated state social insurance pension at EUR 245, instead of the current EUR 236, and to approve the insured income for 2016 at EUR 445 (it currently stands at EUR 434).

"Pensions will be increased taking into consideration economic indicators and implementing indexation principles set out in the social model. The average old-age pension, appointed to persons having the obligatory insurance record, will grow by EUR 8.21 and will amount to EUR 265," said Social Security and Labour Minister Algimanta Pabedinskiene.

The increase of the basic pension and the insured income for the current year will affect all beneficiaries of state social insurance pensions (with an exception of survivor's pensions) – approximately 857 thousand people.

Social assistance pensions will also grow due to the increase of the basic pension, this will affect nearly 151 thousand beneficiaries.