A radical transformation of the education system in Lithuania is needed to narrow the wage gap between Lithuania and other European countries, according to Rokas Grajauskas, chief economist for the Baltic countries at Danske Bank, writing in Lietuvos Žinios.
The government has given the go-ahead for Lithuanian tax authorities to start scrutinising Lithuanians' bank accounts for tax evasion and unaccountable sources of income as the State Tax Inspectorate also announced all citizens had until the end of June this year to declare all gifts and undeclared loans since 2004 used to make purchases of over €15,000 or face a retrospective tax of 15% on the gifts.
Almost half of all Lithuanians have taken out loans or bought something on credit, but very few take an interest in their credit histories, something that may force them to pay higher interest rates on future loans, experts say.
Even the €8 increase in the average pension will not help pensioners in Lithuania, who receive one of the most frugal pensions in Europe. President Dalia Grybauskaitė is encouraging lawmakers to index pensions, which would make them increase together with growing average wages in the nation, and the prime minister, Algirdas Butkevičius, believes that indexing pensions would make them grow by up to 6 or 7 percent.