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Minister: additional amount of 160 million euros planned for pensions in Latvia

Last year, multiple important legislative drafts were approved, securing pension rise by allocating an additional amount of at least EUR 160 million, says Latvian Welfare Minister Jānis Reirs.

He says everything detailed in the government plan was realized last year. Nevertheless, there is still a need for more rapid indexation of pensions, as well as encourage solidarity among different generations to motivate people to pay social fees.

According to the minister, to do just that, a proposal has been voiced to divert 1% from social fees to pensions. Welfare Ministry intends to work in this direction this year. A work group consisting of representatives from Latvian Pensioners Federation and experts will continue working this year.

At the same time, the minister notes that not only was pension indexation increased this year but second level pension system managers cardinally changed commission fees, reducing them by half. This will help secure approximately 27 million euros for second level pension plan participants.

According to Reirs, this year’s priorities in welfare will include families and children, invalids and increase of pensions. Although progress has been recorded in all of those fields, it is important to continue work to ensure better environment for families and children, as well as improve service availability for disabled people and increase pensions.

The minister also said funding allocated to the welfare sector is sufficient to resolve those matters.


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