In Lithuania old-age pensions to rise by EUR 50 on average from January

The parliament on Tuesday passed the respective amendments to the Law on Social Insurance Pensions, with 98 votes in favor and 17 abstentions. “Low pensions are still a big problem for the country,” Social Security and Labor Minister Monika Navickiene told the Seimas before the vote. She expects that the updated rules for calculating pensions will encourage people to contribute more towards their pensions. An additional 138 million will be needed for the pension increase proposed by the ruling bloc. A total of 4.251 billion euros have been earmarked for pensions next year, an increase of 11.9 compared to this year. There are now around 600,000 pensioners in Lithuania.