Lithuania last among OECD countries in net pension replacement rate

The latest report by the Organisation for Economic Co-operation and Development (OECD) indicates that Lithuania ranks last in the net pension replacement rate – net pension entitlement divided by net pre-retirement earnings – reports public broadcaster LRT.

The report finds that Lithuanians born in 2000 who started working in 2022 will receive a pension equal to just 28.9% of their average salary, the lowest among 38 members of the OECD.

Lithuania ranks below Estonia and Latvia, where the net pension replacement rate is at 34.4% and 52.1% respectively.

The net pension replacement rate is the highest in Portugal (98.8%), Türkiye (95.4%) and the Netherlands (93.2%).

In 2023, the average old-age pension in Lithuania amounted to 43% of the average salary in the country.