social insurance

A 12% growth in the average wage over 2023 has paved the way for the same increase in the old-age pension, the social insurance fund Sodra said Thursday.

The Lithuanian government of Prime Minister Saulius Skvernelis has stepped back on its intentions of consolidating income-related taxes on the employee side, including the social insurance fees currently paid by the employee. The Cabinet has decided to shift its focus on reduction of the tax burden ...

Saulius Skvernelis, candidate for Lithuania's new prime minister, says that no major tax reforms are planned for the nearest future, however, does not rule out revision of taxes linked with employment income, including the residents' income tax and social insurance fees.

Lithuania's President Dalia Grybauskaitė has signed into law the reforms of the pension system and the state-run social insurer Sodra, part of the so-called new social model that has been subject to heated discussions. To read this article, try a €5.99 monthly subscription by clicking here.

Minimal social insurance contributions should be paid as a percentage of the minimum wage even by employees who make less than that, says Mindaugas Sinkevičius, director of Lithuania's Social Insurance Fund (Sodra). This would disincentivize employers to pay part of their employee's wages illegally.

If Lithuania made its tax system more transparent, like Estonia's, it could collect about €2.5 billion more to its coffers each year, says economist Raimondas Kuodis, deputy chairman of the Bank of Lithuania.

The Lithuanian government has agreed to extend a €420 million interest-free loan to Lithuania's social insurance fund, the Sodra, to help it "balance cash flows".

The Lithuanian Parliament has begun considering legislative amendments that would peg retirement to average life expectancy. It has been proposed that two years after the average projected life expectancy of people aged 65 years grows by six months, the retirement age would be raised by six months a...

The gap between revenue and expenditure of Lithuania's State Social Insurance Fund, the Sodra, next year is expected to narrow by around 48 percent to 95.494 million euros, according to its draft 2016 budget.

The Lithuanian parliament on Tuesday adopted the 2015 budget for the state social insurance fund, Sodra, that provides for bringing sickness and unemployment benefits back to the pre-crisis level from January and raising pensions from July.