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Tuesday 16.10.2018 | Name days: Daiga, Dinija
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Latvian parliament conceptual supports pension bonus indexation

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Baltic news, News from Latvia, BNN.LV, BNN-NEWS.COM, BNN-NEWS.RUOn Thursday, 20 September, Saeima supported in the first reading several initiatives for a more rapid pension climb for several groups of pensioners, as reported by Saeima press-service.

The parliament has conceptually supported amendments to the State Pensions Law, providing for indexation of not just pension, but also bonus amounts calculated for work experience from 31 December 1995 next year. Bonuses will be indexed in accordance with inflation indexes, as well as the average increase of insurance contribution in the country. Currently the bonus amount is fixed, and is 1 is 1.5 euro per each year of work experience depending on the time when the person had retired.

The parliament notes that deputies decided to establish more rapid indexation for pensioners with work experience of 45 years or more. Pension indexation for this group of pensioners will be applied at 80% of their insurance contribution instead of the current 70%. According to data from the State Social Insurance Agency, the number of such pensioners in Latvia is 95,300.

The legislative draft also provides for adding to Latvian residents’ work experience the time they served in USSR armed forces.

The parliament also supported in the first reading amendments to the Personal Income Tax Law, providing future increase of non-taxable minimum for pensions. The legislative draft states that the non-taxable amount of pensions will continue growing in 2021, reaching EUR 330. According to the current redaction of the law, the non-taxable minimum this year is EUR 250. It will be EUR 270 in 2019 and EUR 300 in 2020. The redaction of the law does not provide for future growth on non-taxable minimum.

Both legislative drafts were developed by the work group formed by Social and Employment Affairs Committee together with experts from Welfare Ministry and representatives from pensioners organizations.

The final reading is scheduled for 27 September.


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