The Parliamentary Committee on Social Affairs and Labour is working out the final details of the social model package that would liberalise labour laws and reform the Sodrapension scheme, said Kristina Miškinienė, the head of the committee, on Žinių Radijas.
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.
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.
President Dalia Grybauskaitė is critical about the so-called social model, an ambitious Labour Code reform undertaken by the current government. The package of laws was drafted and submitted to parliament last year, but has yet to be adopted.
Lithuania's retirement readiness index has not changed in the past three years. Over the past year, people's behavior has improved in that more of them have started to save, but the level of knowledge about and trust in the pension system has declined, according to a survey commissioned by SEB Bankas.
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