VILNIUS – Old-age pensions in Lithuania are set to rise by 13.5 euros on average next month after the government decided on Wednesday to increase the basic pension by 10 euros to 130 euros, informs LETA/BNS.
“We propose to increase the basic pension by 10 euros, from 120 euros to 130 euros. Starting October, this will affect all pensioners except for widows and widowers – around 840,000 people in total,” Social Security and Labor Minister Linas Kukuraitis told members of the Cabinet.
“Pensions for those with minimum qualifying period will rise by 13 euros on average,” he added.
The increase will cost the state social insurance budget 31 euros this year and another 124 million euros next year.
The average old-age pension in Lithuania has risen by around 20 euros since the start of the year to some 288 euros. The average pension will likely increase to 330 euros next January due to indexation, which will require around 300 million euros in budget money.