pension

The Constitutional Court ruled Thursday that the pension accumulation law restricted the ability to withdraw money from pension funds and thus violated the Constitution.

A 12% growth in the average wage over 2023 has paved the way for the same increase in the old-age pension, the social insurance fund Sodra said Thursday.

The latest report by the Organisation for Economic Co-operation and Development (OECD) indicates that Lithuania ranks last in the net pension replacement rate – net pension entitlement divided by net pre-retirement earnings – reports public broadcaster LRT.

The Government has granted a first-degree state pension to Lithuania’s most celebrated international concert pianist Mūza Rubackytė-Golay, winner of the National Prize for Culture and Arts.

The opposition Social Democrats are calling for attention to the future of young people in Lithuania, citing the country’s poor ranking in a report by the Organisation for Economic Co-operation and Development (OECD).

On Tuesday, the Seimas of Lithuania voted against a proposal to allow participants of the 2nd pillar pension system to withdraw all accumulated funds. A proposal by the president to authorise one-off withdrawals of 25% of funds was also rejected.

With Lithuania’s authorities setting out to modify the existing pension indexation formula in order to prevent a pension freeze next year as a result of the crisis, Prime Minister Saulius Skvernelis has said that pensions should increase by 7 to 8 percent in 2021.

The number of people who additionally save for a pension is much higher in Latvia and Estonia than in Lithuania but in all three countries people are concerned about their financial future, a survey commissioned by Luminor Investiciju Valdymas (Luminor Investment Management), part of the Luminor ban...

Some 904,700 people in Lithuania, or one-third of the population, received at least one type of pension at the end of last year, preliminary figures from the country’s statistics office showed on Friday.

Lithuanian Prime Minister Saulius Skvernelis says that the government will decide on a further tax reform by the end of March and will then put forward its proposals to the ruling coalition partners and the public.

Some 908,200 persons were paid at least one type of pension in Lithuania at the end of 2016, which is one in three residents of Lithuania, the country's statistics agency said in its preliminary report.

Amid a rapid decline in Lithuania's worker-to-retiree pension, the central Bank of Lithuania is sounding the alarm and calling for the pension system to be reformed and for future pensions to be linked to personal contributions.

Lithuanian Prime Minister Saulius Skvernelis says that the government does not plan to tax pensions, although Social Security and Labour Minister Linas Kukuraitis has recently publicly mentioned such a possibility.

Lithuania's Prime Minister Saulius Skvernelis has restated plans of raising pensions, if the country's economy grows, adding that this would not depend on political will.

The Lithuanian government led by Prime Minister Saulius Skvernelis intends to make the first decisions in connection to restructuring of the pension system in the nearest future, while implementation of all reforms may take until the end of 2019, according to the measures of the government plan publ...

Lithuanian residents who are expected to have the lowest old-age pensions will be advised to make additional contributions to their pension fund or return to the state-run social insurer Sodra, says Finance Minister Vilius Šapoka.

Lithuania's retirement readiness index has not changed in the past three years. Over the past year, people's behavior has improved in that more of them have started to save, but the level of knowledge about and trust in the pension system has declined, according to a survey commissioned by SEB Banka...

Economist Vilius Šapoka, candidate for Lithuania's new finance minister, has so far refused to elaborate on the possible pension and tax reform, saying that all changes would need to be analyzed.

The European Commission has criticised Lithuania’s lack of progress on key recommendations it made for reforming the country’s pension, tax and education systems.

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.