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Reirs: pension budget will increase by EUR 160 million next year

Janis Reirs/flickr.com.
Next year, pension budget will increase by more than EUR 160 million, says Latvian Welfare Minister Jānis Reirs. He explains that the total pension budget will be EUR 1.93 billion, which means funding for next year’s pensions will be 9.19% higher.

According to the minister, it was initially planned that the increase would be EUR 166 million. However, after a recalculation in different categories and average pension amounts it was decided to reduce the funding by EUR 6 million. «Pensions will increase for everyone. It is not possible to reduce them,» Reirs said.

He notes that Latvia’s social budget will grow. In addition, pensions will increase because of several reasons – there will be new indexation, which will be equal to 50% of wages. Seniority benefits for people who retired before 1995 will be EUR 1.50 per each year.

The minister reminded that additions for pensions starting from 1 October will be no lower than EUR 10, which is EUR 6 more than last year. This year’s pension indexation will be 4.39%, which is significantly more than a year ago.

As it is known, the government has allocated EUR 345 million for ministries’ priorities in 2018. This was told to journalists by Finance Minister Dana Reizniece-Ozola last week.


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