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Lithuanian Prime Minister-designate Saulius Skvernelis expects that the so-called new social model, a package of legislation on labour market and social insurance reforms, will be improved and passed by next July to give six months to businesses and private individuals to prepare for the planned cha...
The Eurogroup thinks that Lithuania's planned new social model, a package of legislation on structural labour market and pension system reforms, in 2017 would be compatible with fiscal discipline.
Lithuania's parliament has approved for discussion amendments, which suggest postponing the enforcement of some of the laws of the social model, which includes the new Labour Code, until July 1 of 2017, which would allow saving about 80 million euros.
Reform of the social model is vital, Lithuania's Prime Minister Algirdas Butkevičius restated a few times at the final meeting of the 2012-2016 parliament on Thursday.
Lithuania would not be able to remain competitive if it abandoned a new Labour Code that has been passed by the Seimas, but vetoed by the president, the International Monetary Fund said.
