Lithuania Planning to Raise Retirement Age
- New Europe Investor
- October 16, 2015
The Lithuanian parliament has begun to look at increasing the age of retirement from the current 65 years.
The proposed amendment is to tie in the age of retirement with the projected life expectancy of the population of Lithuania. Two years after projected life expectancy rises by six months in Lithuania, the age of retirement will rise by six months.
Projections thus far, suggest that the age of retirement would not rise for another 17 years based on the details of the proposal.
Other changes the parliament are looking at, is to increase the required length of service in order for a person to receive the old age pension. The proposal is to look to increase the length from 30 years to 35 years, starting from 2017 and increasing six months every year thereafter.
The parliament in Lithuania is due to look at the issue again on 24th November.