Aseradens to propose start raising service pension age

RIGA - Finance Minister Arvils Asaredens (New Unity) will propose to increase the service pension age this year.

On Thursday, Aseradens explained on Latvian Radio that the age for receiving an old-age pension in Latvia has been increased by five years in recent years - to 65 years, but the age for a service pension has not been changed.

In the autumn, the minister will propose to increase the service pension age by at least six months per year, which could take 2.5 to three years.

The Finance Minister stressed that it is currently unfair to the rest of the Latvian population that the service pension age remains unchanged. In Aseradens' view, raising the service pension age is also a way to address labor market problems.

As reported, in September last year, ministries, in cooperation with the State Chancellery, started to assess in principle the issue of raising the service pension age.