Average old-age pension in Latvia is 288 euros

  • 2016-06-03
  • BNS/TBT Staff/RIGA
The average old-age pension in Latvia is 288 euros a month, according to the data by the Welfare Ministry. The new pensions calculated last year reached 306 euros. The average time of social insurance is 36.3 years. The average age for retirement is 61 years. Old-age pensions in Latvia are paid to 468,794 people. Latvia has a three-pillar pension system. The first pillar pensions are paid to existing pensioners from social contributions made to the state budget. The second or government-funded pension level implies that part of the so...
 
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