Retirement

Lithuania's President Dalia Grybauskaitė has signed into law the reforms of the pension system and the state-run social insurer Sodra, part of the so-called new social model that has been subject to heated discussions. To read this article, try a €5.99 monthly subscription by clicking here.

If Lithuania made its tax system more transparent, like Estonia's, it could collect about €2.5 billion more to its coffers each year, says economist Raimondas Kuodis, deputy chairman of the Bank of Lithuania.

Lithuania pensions could rise by 6% to 7% in the coming year driven by their indexing to wage growth in the economy which is currently running at 5.5%, according to Prime Minister Algirdas Butkevičius.

The reason that Lithuanian pensioners currently receive lower pensions than in other countries is that during the economic crisis, Lithuania, unlike other countries, had to cut pensions and so despite recent increases, pensions started from a lower baseline, Prime Minister Algirdas Butkevičius told ...

Average retirement pensions is to be raised by €8.21, to €265, as of January next year, the Lithuanian government decided on Wednesday. The decision will affect about 857,000 people.

The Lithuanian Parliament has begun considering legislative amendments that would peg retirement to average life expectancy. It has been proposed that two years after the average projected life expectancy of people aged 65 years grows by six months, the retirement age would be raised by six months a...

Lithuania is often described as a country where potential investors are put off by a tax system inherited from the Soviet times and inflexible labour code. Still, the new social model, currently in the works and promised to provide more flexible employer-employee relations, have received a fair deal...

It seems that Lithuanians care little about their financial security after retirement - their knowledge about the pension system is poor, expectations are trailing behind reality and actions are sluggish, according to SEB bank.

A poll commissioned by Aviva Lietuva shows that almost half, or 49 percent, of respondents hope to receive retirement pensions equal to their current salaries, while 39 percent have even higher expectations and hope to receive bigger pensions than their current monthly income.