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Generally speaking, the revenue from the state budget is all the money that individuals and businesses deposit into the general account of Lithuania during the year. Budget allocations or expenses are the amounts that will be paid to our social services, health, education, defense, etc.
If more money is spent than is raised, the budget is considered to be in deficit. It is borrowed to cover it on behalf of the state. Fixed deficits over many years are aggregated and treated as general government debt.
According to Finance Minister Gintarė Skaistė, next year’s state revenue should amount to LTL 13.86 billion. 16,481 million euros. euros.
“Revenues from the state budget are growing by 11.4 percent and expenditures by 8.3 percent,” said G. Skaistė.
He highlighted several priorities
Introducing 2022 In the draft budget, the Minister highlighted a number of areas that will receive more attention in next year’s budget.
These include national defense (next year, funding will increase by 128 million euros compared to this year), mitigating the effects of the pandemic (increase of 304.2 million euros), as well as the construction of a fence in the border with Belarus, increasing income, reducing poverty and more.
“In preparing this year’s draft budget, we have given priority to the following areas: security of the country and society, investments in the sustainable and progressive future of Lithuania, education, growth of people’s income and reduction of the risk of poverty. To ensure the safety of all Lithuanians, funds for national defense will be further increased, funds will be allocated to complete the construction of a physical barrier with Belarus and for the management of the COVID-19 pandemic. <...>
In terms of people’s income, the salaries of educators, cultural workers, doctors, civil servants and other public sector employees will increase. Starting next year, the monthly minimum wage and the amount of tax-free income will increase significantly, with the lowest earners receiving the largest benefits. To reduce the risk of poverty, pensions will increase faster, the circle of one-person beneficiaries will be broadened, ”explained G. Skaistė.
Total support from the European Union next year should amount to more than 2 billion. euros.
According to G. Skaistė, next year more than 500 million will go to increase the income of public sector employees. euros. In addition to the increase in the monthly minimum wage, the official salary ratios of the lowest paid employees will be raised.
Higher pensions and other benefits
According to the minister, almost 760 million will be allocated to reducing the risk of poverty next year. euros.
The Minister of Social Security and Labor, Monika Navickienė, was pleased that next year’s budget addresses long-standing problems in the areas of income inequality and poverty.
He noted that the higher costs of Sodra are possible due to the increase in employee wages, which means that they also pay more social security contributions.
According to the minister, not only will the costs of old-age and other pensions increase, there will be a benefit for a single person, in addition, more funds will be allocated for the costs of sickness and maternity insurance.
It is planned to allocate 76.2% to social security pensions next year. of Sodra’s total expenses – 4.251 billion. EUR, or 11.9%. (453.8 million euros) more than expected in 2021.
The estimated pension indexation coefficient in 2021 will be 1.0847, so pensions will increase on average by 8.47% from the beginning of next year, and taking into account the proposed amendments to the law, individual types of pensions will increase even more.
It is also proposed to approve the amount of the basic pension for 2022 in the amount of 215.09 euros, the basic amount of the widow’s pension – 32 euros, the additional indexation coefficient of the part of the individual pension – 1.0424, the value of the unit pension accounting – 4.7 euros.
How much money is provided this year
This year’s state budget foresees 12.4 billion. revenue (including € 2.7 billion in EU and other aid) and € 16.6 billion in credits (including 3.18 EU grants, etc.).
This year’s budget deficit is projected to reach about $ 4.17 billion. euros. Generally speaking, this year so much money will be spent from what is raised. The missing funds are borrowed and increase the global public debt.
It is true that the final result of this year could be better.
According to preliminary data from the Ministry of Finance, in 2021. In January-August, the central government deficit amounted to LTL 508.7 million. and amounted to 0.95%. Projected gross domestic product for this year.
The central government balance in the first eight months of this year was 1,741,000 million euros, better than in the same period of 2020, when it amounted to 2,250 million euros. euro deficit.
2021 Central government revenue in January-August was 10.72 billion. 11,060 million euros in expenses. euros.
Taxes accounted for 59.9 percent. Central government revenue from January to August, 32.4 percent. – Social contributions. In the first eight months of this year, most of the expenses corresponded to social benefits – 60.8%, salaries and social security – 12.2%. and grants: 8.4 percent.
The government should formally adopt the budget indicators bill this week and then submit it to the Seimas. There will be some budget considerations here. The budget and accompanying laws must be approved and signed by the president by the end of this year.
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