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“We are not prepared to review the second pillar of pensions. Very little time has passed and we have very little data to make decisions about whether fundamental changes are needed,” said Minister of Social Security and Labor, Monika Navickienė, in the Committee of Social Affairs and Labor of the Seimas.
The government program contemplates the objective of making the private pension accumulation system efficient, clearly regulated, stable, transparent and ensures the implementation of the principle of legitimate expectations. The aim is also to create an opportunity to invest in strategic Lithuanian regulated companies, thus ensuring that the funds of Lithuanian pension funds (…) are invested in Lithuania and not abroad.
The minister went on to promise committee members a “systematic and substantive” look at how the current pension system works.
The government program states that an aging population needs an increasing share of public spending on social security pensions.
The Ministry of Social Security and Labor is committed to legalizing the single person benefit and abolishing the widow’s pension by the end of this year. Priority actions include a review of the indexation of pensions, a more rapid increase in social assistance pensions and a reform of state pensions.
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