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Changes in Latvia's pension system must be considered in context of national budget
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    Changes in Latvia's pension system must be considered in context of national budget

    RIGA, March 12 (LETA) - In the opinion of the politicians from the ruling coalition, possible changes in Latvia's pension system must be considered in the context of the national budget.

    We have to look for solutions but the matter is closely related to the situation in the national budget, said Armands Krauze, the board chairman of the Union of Greens and Farmers, commenting on the Organization for Economic Cooperation and Development (OECD) assessment of Latvia's pension system.

    Krauze pointed out that pensions in Latvia were being indexed and financing had been allocated for improving the situation. He also suggested that the parliamentary committee on social and labor affairs could look into the matter.

    Rihards Kozlovskis, the deputy chairman of the Unity party, said that efforts should be made to increase pensions, making efficient use of the existing resources. He said he was sure that the Welfare Ministry would consider the matter and produce specific solutions to deal with the situation.

    Raivis Dzintars, the chairman of the National Alliance, told the press that pensions will be among the priorities when drafting the next year's national budget.

    As reported, the OECD said in its assessment of Latvia's pension system that Latvia had to significantly increase the minimum pension and to improve pension indexation mechanisms in order to reduce poverty among elderly residents as well as pension inequality.

    The OECD pointed out that Latvia could increase the basic pension level from 8 percent of the average wage in the country to the OECD average of approximately 20 percent.

    The OECD was studying Latvia's pension system from April 2017 to January 2018.

    • Published: 12.03.2018 18:33
    • LETA
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