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The approvals of the Social Security Pension Law stipulate that without the growth of gross domestic product (GDP), but with the growth of the average salary, pensions would increase anyway.
115 members of the Seimas voted in favor of the amendments and two abstained.
The law now states that pensions are not indexed in two cases: when not only GDP and average wages are negative, but at least one of them. Now the last ones claim and leave.
According to Tomás Tomilinas, a change in the pension indexing formula will allow pensions to be increased next year.
“The indexing formula is only being adjusted, but its essence is also left next year
we will be able to increase pensions, ”said T. Tomilinas in Seimas.
Conservative Mindaugas Lingė, chairman of the Labor and Social Affairs Committee, says that next year pensions will rise more than workers’ wages.
“Pensions will grow faster (next year – BNS) than wages,” Ms Lingė told BNS.
The state budget for 2021 foresees 249 million. EUR only for automatic indexation of pensions 7.17%.
President Gitanas Nausėda proposed to index both the basic pension and the additional part, at 1.91 points, and thus increase pensions even faster. So far, 67 million funds have been allocated for this purpose. EUR – unforeseen, but managers intend to find them with borrowed funds and this will increase the budget deficit.
The Ministry of Labor and Social Affairs has indicated that automatic indexing would increase the average pension by € 27 to € 404 next year, or up to € 411 with the president’s proposal.
In total, pensions would increase 9.08% next year due to both indexations.
The average pension is now € 377 and € 399 with the required service time.
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