Lithuanian president: average pension should reach 50 pct of average wage

VILNIUS – Average pension in Lithuania should increase at a more rapid pace and reach the level of approximately 50 percent of average net wage, President Gitanas Nauseda has said adding that he has agreed with the government on such a goal.

“We want the [average] pension to increase more rapidly than the average wage and we have already agreed with the incumbent government that this is what’s going to happen. The average pension should reach approximately 50 percent of average net wage,” he told the LRT radio on Friday.

The president noted that more rapid increasing of pensions would be pursued until the end of his term and the expiry of the current government’s term of office in 2024.

The Lithuanian leader stressed when signing next year’s budget bill into law that pensions would be indexed for the fourth consecutive year in 2023 and would increase to 542-575 euros depending on the length of service.

According to the data from Statistics Lithuania, the average net wage reached 1,130 euros in Lithuania in the third quarter of 2022, while the average old-age pension amounted to 483 euros.