bnn.lv Latviski   bnn-news.com English   bnn-news.ru По-русски
Tuesday 19.09.2017 | Name days: Verners, Muntis
LatviaLatvia

Latvians on average request pension at the age of 61

FaceBook
Twitter
Draugiem
print
(No Ratings Yet)

Baltic news, News from Latvia, BNN.LV, BNN-NEWS.COM, BNN-NEWS.RUIn 2015, residents in Latvia on average requested pensions at the age of 61 and six months. The age range among men and women was largely equal, as reported by Welfare Ministry.

The general insurance record for retirement pensions provided in 2015 was 36 years and 4 months (37 years and nearly 4 months for women and 35 years and nearly 1 month from men). Of this insurance record, and average of 21 years and 7 months were spent working by residents before 1996 and 14 years and 8 months after 1996, according to information from Welfare Ministry.

Before 1996, insurance record mainly consists of work period (including work in kolkhoz/sovkhoz), work-related periods (service, training, etc.). After 1996 – months in which residents had carried out social insurance payments for pension insurance – 14% (from 2016) or 20% of individual wage (depending on the person’s participation in 2nd level pension programme), as well as state payments for periods of economic inactivity (child care period, unemployment, etc.).

By 2015, 1.25 million residents had applied for 2nd pension level (38% – voluntarily and 62% – under mandatory conditions). The average age of residents was 40 years and nearly 5 months (39 years and 8 months for women and 41 years for men).

At the same time, the number of pensioners with capital gathered on 2nd pension level has been gradually growing since 2013. In 2015, there were 11,000 people. 90% of Latvia’s residents choose to enhance their 2nd pension level capital with 1st level pension capital to receive one pension amount in the end. Nevertheless, the number of pensioners who choose to buy a life pension policy using their saved capital keeps increasing every year.

By buying a life pension policy, the chosen life insurance association, in accordance with the client’s wishes, can pay pension capital every month, quarter or year. It is possible to select multiple (a maximum of three) pension payment periods, during which pension amounts differ (the first life pension payment period is at least five years, paying no more than half). The pension repayment moment can be put off to up to ten years.

«Although people most often choose to add their 2nd level pension capital to the 1st level, it is clear that the importance of life pension continues to grow. It is good that the country now has a system that allows residents to choose between adding their capital to the 1st level or getting a life pension policy,» – admits Welfare Minister Janis Reirs.

By 2015, 255,000 pension plan participants had applied for 3rd level pension plan (56% of women and 44% men). Capital saved on this level can be received starting from 55 years. There are exceptions that allow pensions to be paid at a younger age. This pension capital can also be inherited.

Ref: 102.109.109.8982


Leave a reply

Study: residents criticize development of Latvia general situation the most

With the coming of autumn, residents’ optimism has declined significantly, according to results of Baltic International Bank’s Latvian Barometer.

Number of occupied jobs in Latvia up 9.3 thousand

At the end of the first half of 2017, in Latvia there were 903.2 thousand occupied posts, and, compared to the end of the first half of 2016, the number has grown by 9.3 thousand or 1.0 %.

Latkovskis says sometimes questionable votes are lobbied in Saeima in secret

There have been cases sin which questionable votes were being lobbied in the parliament in secret. Compared with last year, this tendency is demonstrating growth, said Saeima deputy Ilmārs Latkovskis in an interview to Latvijas Avīze.

E-governance advocate Ilves comments on alleged Estonian ID card vulnerability

The ex-President of Estonia Toomas Hendrik Ilves, who has been an active advocate of e-governance has emphasised that a possible security risk with Estonian ID cards has not put that the country's reputation as an e-state at risk.

Delna invites Saeima to support initiative to liquidate option to abstain from votes

Society for openness Delna invites Saeima deputies to support public initiative and liquidate the option for deputies to abstain from votes.

82% of Estonian households use mobile internet at home

As to the choice of internet connection in Estonia, 82% of Estonian households use mobile internet at home, Estonian statisticians have estimated.

Baltic Express attracts railway cargoes; decline noted for other carriers

Railway cargo carrier Baltic Express more than doubled its cargo volumes in the first seven months of 2017. Meanwhile, other two cargo carriers – LDz Cargo and Baltic Transit Service – have suffered cargo declines. Baltic Association – Transport and Logistics notes that it is ringing the alarm over the situation in the industry, not over the interests of its members.

Survey: more than half of Latvian residents are half-serious about their health

44% of Latvian residents use all medicine prescribed by their doctor when they get sick, according to data from Mana Aptieka&Apotheka health index.

In pictures: Zapad drill in full swing

BNN offers you an insight into the quadrennial join military training of Belarus and Russia, which have been inspected in person by Russian President Vladimir Putin and Russian Defence Minister Sergey Shoygu.

Rinkēvičs invites India to open an embassy in Latvia

During the 72nd session of the UN General Assembly in New York on Monday, 18 September, Latvian Foreign Affairs Minister Edgars Rinkēvičs met with his Indian counterpart Sushma Swaraj. The two discussed political and economic cooperation between the two countries.

Norwegian top policeman sentenced to 21 years in prison for aiding hashish contraband

A court in Norway, a country often recognised as one of the least corrupt globally, has convicted a senior Norwegian police officer to 21 years in prison after finding him guilty of taking bribes and helping drugs contraband.

Road Transport Administration: transport planning in Riga does not reflect region’s scale

Road Transport Administration plans to speak with Riga and Pierīga administrations about the fractured public transport system in the region, says the administration’s chairman Kristiāns Godiņš.

Mass Ryanair cancellations expected

Irish airline Ryanair has warned that due to an internal planning problem up to 400 000 flights could be cancelled in the European Union.

Legislative draft proposed to simplify referendum procedure

The Central Election Commission has registered Open Management Partnership in Latvia signature collection association’s legislative draft submitted for the fourth time. This legislative draft proposes cancelling amendments of 8 November 2012 to the Law on National Referendum, Legislative Initiative and European Citizens’ Initiative, as reported by the commission.

Greece to lift wine tax due to low revenue

The government of Greece plans to submit draft amendments to lift the country’s year-old excise tax on wine, Greek Minister for Agricultural Development and Food has stated.

Reirs: pension budget will increase by EUR 160 million next year

Next year, pension budget will increase by more than EUR 160 million, says Latvian Welfare Minister Jānis Reirs. He explains that the total pension budget will be EUR 1.93 billion, which means funding for next year’s pensions will be 9.19% higher.

Oligarch case’s parliamentary committee settles disputes with shouting

During a meeting of Saeima’s committee entrusted with investigating Oligarch case, a loud argument broke out between Unity faction member Andrejs Judins and publicist Imants Liepiņš.

IDB: it is too soon to expect corruption to go down in traffic monitoring field

Society’s condemnation of bribery is positive, but it is currently too soon to expect the problem of bribery in road traffic monitoring field to go down, admits Internal Security Bureau chief Valters Mūrnieks.

Apinis: Latvia’s Healthcare Ministry is intellectually weak

Pēteris Apinis, head of Latvian Association of Doctors, criticizing the reform plan, saying: «Just like the Napoleon cake has no Napoleon, the reform plan has no reforms.» He believes Healthcare Ministry’s intellectual potential declined in the past three to four years and that the institution in its current state is intellectually weak.

airBaltic performed 14,324 flights in summer

In August 2017, Latvian airline airBaltic carried 386,597 passengers or 21% more than it did in the same period in 2016, as BNN was informed by the airline.

Sudraba: deputy quotas matter will be resolved in officials’ offices this year

The matter of the so-called deputy quotas will be resolved in officials’ offices this time, deputy Inguna Sudraba of To Latvia from the Heart told Latvijas Radio.

Estonia should invest in long-term productivity, environmental protection – evaluates OECD

As Estonia’s economic recovery gathers pace, it is time to work for sustainable development by protecting the environment and looking for ways to increase productivity, the Organisation for Economic Co-operation and Development has recommended.

Option to abstain from vote proposed to be liquidated to reduce possibility of hiding opinions

On Monday 18 September, a citizens’ initiative will be submitted to the Saeima to liquidate the option to abstain from votes in the parliament.

KNAB commences criminal process in state institution’s service

Corruption Prevention and Combating Bureau has commenced a criminal process for, possibly, illegal activities in a state institution service.

EU asked to stand for Estonian, British ship guards tried in India for years

The lingering issue of Estonian and British ship guards, who have been deprived of liberty in India and have been waiting for four years court rulings in their cases, needed to be on the agenda as Brussels has negotiations with India, Estonian MEP Urmas Paet has stressed.