Indexing could raise pensions by up to 7%, says Butkevičius
LT Daily, media brief
Thursday, January 21, 2016
Lithuania pensions could rise by 6% to 7% in the coming year driven by their indexing to wage growth in the economy which is currently running at 5.5%, according to Prime Minister Algirdas Butkevičius.
The reason that Lithuanian pensioners currently receive lower pensions than in other countries is that during the economic crisis, Lithuania, unlike other countries, had to cut pensions and so despite recent increases, pensions started from a lower baseline, Prime Minister Algirdas Butkevičius told LRT Radijas.
Prime Minister Algirdas Butkevičius hopes that the Lithuanian Parliament will adopt the new social model, a package of Labour Code and welfare system reforms, in its spring session which commences in March.