The amendments to the Law on the Diplomatic Service, drafted by the Foreign Ministry, have yet to be debated and voted on by the parliament.
"The bill is aimed at strengthening the diplomatic service," Foreign Minister Linas Linkevicius told the Cabinet.
He said a very limited number of people would be eligible to receive the payments.
Social Security and Labor Minister Linas Kukuraitis abstained from voting on the amendments, saying his ministry has a policy against increasing the number of recipients of either state pensions or annuities.
According to the bill, annuities would be paid to persons of retirement age who have spent at least 25 years in the diplomatic service and have been conferred with their diplomatic rank for life.
Eligible diplomats would receive annuities for the rest of their lives. The monthly payment would currently amount to 352 euros.
Diplomats who receive special state pensions would not be eligible.
The Foreign Ministry says such a social guarantee would encourage people to choose and remain in the diplomatic service.
A total of 36 individuals were recruited to the diplomatic service through competition between 2014 and 2019, and 26 young diplomats left the service during the period, according to the ministry.
"Young diplomats tend not to stay in the diplomatic service, which can lead to stagnation in the diplomatic service and a declined in experienced staff in the future," it said in the explanatory note.