Lithuanian President Gitanas Nauseda is putting forwards amendments to three laws for the parliament's consideration, aimed at ensuring that pensions rise faster in the country and the number of older people living in poverty goes down.
President puts forward amendments on faster pension increase
© DELFI / Andrius Ufartas

The proposals also include the financial sources necessary for the state budget for that purpose. Nauseda signs the related decree on Friday.

Under the proposed amendments to the Law on State Social Insurance Pensions, the basic pension would rise 20 percent faster next year and in 2021 and the pace would exceed the growth in the average salary in the country. Sustainable pension increases would allow reducing the poverty level among pensioners, which now stands at 41.7 percent, the president office states.

Social Security and Labor Minister Linas Kukuraitis said in early October that because of indexation, the average retirement pension would grow 8.11 percent to 374 euros, and the average pension with the necessary working time would grow to 395 euros.

Just because of that pensions will grow faster than salaries in Lithuania next year, with the Finance Ministry estimating that salaries will rise 7.4 percent on average.

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