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Pension indexation: people with the biggest work experience to benefit the most

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Baltic news, News from Latvia, BNN.LV, BNN-NEWS.COM, BNN-NEWS.RU1 October 2019 will mark indexation of pensions and benefits. People with the biggest work experience will benefit the most from this.

As journalists were told by Welfare Minister Ramona Petraviča, indexation will increase pensions or parts that do not exceed EUR 420. At the same time, politically repressed people, first group invalids and participants of the clean-up of Chernobyl disaster will have their entire pension amounts indexed.

People with work experience of up to 29 years will have their pension amount indexed at 7.19%, pensions of people with work experience of 30 to 39 years will be indexed at 8.05%, 40 to 49 years – 8.91%, and people with work experience of more than 45 years will have their pension indexation at 9.77%.

For example, while retirement age pension amount is EUR 350, seniors with 29 years of work experience will be paid pension of EUR 375.17 starting with October 2019. Pensions of people with 30 to 39 years will be paid EUR 378.18, pensions of people with 40 to 49 years of work experience will be paid EUR 381.19, whereas if a person’s work experience exceeds 45 years, they may be paid a pension of EUR 384.20.

Petraviča said 2019 will be the first time when bonuses for retirement and disability pensions per one year of work experience accumulated by 31 December 1995 will be indexed. The bonus will be EUR 1.07 per every year or EUR 1.61 per every year of work experience before this period if retirement pension was provided before 31 December 1996, or if disability pension was provided and retirement pension’s required age was reached before 31 December 1996.

Welfare Ministry’s representative Jana Muižniece reminds that

The goal of indexation is not mechanical increase of pensions but securing protection against loss of purchasing power.

Muižniece adds that pension recipients have to keep in mind that of the total pension and bonus volume could be retained in the form of PIT, which means the end amount people will receive will depend on whether or not they are employed.


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