News

2019.10.11 16:00

Lithuanian pensions to rise 8 percent, to €395

The 2020 draft budget of the Lithuanian social insurance fund Sodra aims for a surplus of 326.17 million euros, with revenue projected at 4.841 billion euros and expenditure at 4.515 billion euros.  

The draft budget is expected to be discussed by the Cabinet next week before going to the parliament for approval.

The document sets the pension indexation coefficient at 1.0811 starting in early 2020.

Social Security and Labor Minister Linas Kukuraitis has said recently that the average old-age pension should rise by 8.11 percent to 374 euros next year due to indexation, and the average pension for those with the minimum required record of employment should reach 395 euros.

Sodra's 2019 budget projects a 412.064-million-euro surplus, with revenue at 4.455 billion euros and expenditure at 4.043 billion euros.