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Retirement age to be increased by three months every year starting 2014

Jun 14, 2012

Retirement age to be increased by three months every year starting 2014

RIGA - During the third and final reading today, Saeima supported the Law on State Pensions, which stipulates that the current retirement age of 62 will be increased by three months every year, starting from 2014.

The retirement age will be raised until it will reach 65 in 2025.

The previous version of the bill stipulated that the retirement age would be increased by three months in 2014 and 2015 each, and by six months every year from 2016 to 2020. However, the Saeima Social and Employment Matters Committee assessed all proposals and supported Harmony Center's motion to raise the retirement age slower than previously planned. The proposal was also approved by the Welfare Ministry.

The slower increase in the retirement age will cost 210 million lats to the social budget.

According to the current version of the bill, the minimum insurance record will also be raised to 15 years and to 20 years starting from 2025.

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