Financial Services, Latvia, Legislation, Pensioners

International Internet Magazine. Baltic States news & analytics Friday, 24.05.2013, 07:19

Latvian President promulgates amendments to Law on State Pensions

Alla Petrova, BC, Riga, 04.07.2012.Print version
President of Latvia Andris Berzins has promulgated amendments to the Law on State Pensions, which stipulate that the current retirement age of 62 will be increased by three months every year, starting from 2014, according to a statement printed in the government's official newspaper Latvijas Vestnesis.

The retirement age will be raised until it will reach 65 in 2025, writes LETA.

 

The reform will concern residents born in 1952 and onwards. Those residents, who were born from January 1 to September 30, 1952, will be able to retire three months later, at 62 years and three months of age, while those born from October 1 to December 31, 1952 – six months later – at 62 years and six months of age. Those born after April 1, 1960, will be eligible to receive pensions at the age of 65.

 

The minimum insurance record will also be raised to 15 years and to 20 years starting from 2025.




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