Lithuanian Prime Minister-designate Saulius Skvernelis expects that the so-called new social model, a package of legislation on labour market and social insurance reforms, will be improved and passed by next July to give six months to businesses and private individuals to prepare for the planned changes.
Saulius Skvernelis
© DELFI / Domantas Pipas

"All the necessary legislation should be passed by July 1 (2017) so that we have six months for preparations, especially when it comes to taxation changes, before (the package) comes into force on January 1 (2018)," Skvernelis told opposition lawmakers on Tuesday.

The Seimas is already discussing a proposal to delay the implementation of certain laws of the social model package, a move that would allow saving an estimated 80 million euros in budget funds next year.

Skvernelis has told the parliament that the incoming government's dialogue with its social partners leads him to expect that the improved social model will be "completely different"

Lithuania has asked the European Commission to allow it to use the structural reform clause in the EU's Stability and Growth Pact due to the new social model, whose costs are currently estimated at 243 million euros, accounting for 0.6 percent of next year's projected GDP.

Executives of two dairies slapped with fines for market abuses

The board of the Bank of Lithuania has imposed a fine of 200,000 euros on Linas Strelis, a member of...

Telecoms operators watching situation regarding Huawei

Following Google 's announcement that it has severed relations with Huawei , seen by Washington as a...

Swedbank's pension funds invest EUR 200 mln into sustainable business

Pension funds managed by the Swedbank financial group are investing 200 million euros, or a sixth...

Belarus complains: Lithuania's blocking Minsk-EU agreement

Belarusian representatives complained in Brussels last week that Lithuania is blocking the...

New trends in startup world: unicorns' aspiration is not key anymore

The question when the first unicorn with over 1 billion of US dollars in value will appear in the...