Pension bill awaits Seimas

  • 2012-08-22
  • From wire reports

VILNIUS - Although the current Parliament has just a few weeks left in which to work, Prime Minister Andrius Kubilius says that it should manage to adopt long-pending pension reform legislation that aims to define the compensation of reduced pensions, and the further development of private pension funds, reports ELTA.

“These are the laws that are already being considered in the Seimas. They would define the further development of the private pension scheme and also determine the other matters relating to the entire pension system. Such laws are important for the entire long-term outlook of Lithuania,” said Kubilius on aug. 20.

Kubilius pointed out that even after the adoption of the legislation, pension compensation would not start immediately since it is provisioned that such compensation cannot harm the financial system of the State.
How the system of pension compensation will look, and when will it start to operate, will be outlined after the submission of the draft legislation.