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Ageing in Latvia

This document provides a comprehensive analysis of the pension system in Latvia, highlighting its structure, including the three-level pension framework. It discusses the historical context, reasons for reform, and the impact of an aging population on the system. Statistical data on population changes, social security contributions, and minimum pensions are presented alongside recommendations for improving social security for the elderly. The findings emphasize the need for additional support and social activities for retirees to enhance their quality of life.

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Ageing in Latvia

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  1. AgeinginLatvia Ieva Aleksandraviča Larisa Daukste Linda Krievāne Santa Novikova Kristīne Starte Maija Zieds - Ziediņa Doc. Staņislava Titova Asoc. prof. Inese Mavļutova

  2. Content CONTENT • Population • Pension system in Latvia • Statistic data • Solidarity principle • Conclusions and recommendations

  3. POPULATION

  4. POPULATION CHANGES IN LATVIA

  5. Population pyramide POPULATION PYRAMID

  6. PENSION SYSTEM IN LATVIA

  7. REASONS OF REFORM OF PENSION SYSTEM IN LATVIA • Pension system existing in Latvia while it was a member of USSR (till 1991) was created for planned economy • The pension amount depended on working experience and average salary in the country, but not on the amount of social security contributions • Low retirement age and ageing of population

  8. THREE-LEVEL PENSION SYSTEM • First – state mandatory unfunded pension scheme • Second - state mandatory funded pension scheme • Third – private voluntary pension scheme.

  9. PENSION PLANS FOR 2ND AND 3RD LEVELS

  10. THE TOTAL SOCIAL INSURANCE CONTRIBUTIONS FOR PENSIONS - 20% OF ONE’S SALARY

  11. PENSION SPECIAL BUDGET Budgetary resources consist of: • contributions for pension insurance • dividends from the state pension special budget transfer of shares and the proceeds from their sale • other income • Special budget is used to finance following items: • According to the Law "On State Pensions" provided social insurance services: ageing, disability and suvivorship pensions • SSIA (State Social Insurance Association) expenses related to the administration

  12. STATE PENSION SPECIAL BUDGET FOR 2011

  13. STATE PENSION SPECIAL BUDGET, MILLIONS LVL

  14. MINIMUM PENSIONS

  15. STATISTIC SHOWS REALITY

  16. BIRTH AND DEATH

  17. WORKING AGE

  18. UNEMPLOYMENT

  19. LONG TERM MIGRATION

  20. LIFE EXPECTANCY

  21. AVERAGE PENSION

  22. EARLY RETIREMENT • Allowed two years before real retirement age – currently from the age of 60. • Social security must be at least 30 years. • Workingpersonsdonotreceiveearly retirement pension • Advantagesin the social contributions: • Foremployee from 11% to 9.5%, • Foremployer from 24.09% to 20.8%.

  23. EARLY RETIREMENT EXAMPLE

  24. SOLIDARITY PRINCIPLE • The First pensionlevel • Influencing factors and potential solutions • Socialactivitiesandadditionalsupport

  25. FIRST PENSION LEVEL • The first levelofthepensionsystemismandatorystatenon-fundedpensionsystem. • The first level of the pension system ensures pensions for all who have been socially insured for at least 10 years. • Insuranceperiod <10 years, personhas been granted state social security benefit. 

  26. THE FIRST PENSION LEVEL The First pensionlevel

  27. SOCIAL ACTIVITIES AND ADDITIONAL SUPPORT • Clubsforelderlies – communication, singing, traveling, sportactivities, knittingetc. • Corporate social responsibility – Merrild coffee, innovative ideas • TV campaigns • Discounts – publictransport, pharmacies, optics, theatre, opera, museumsetc. • Carehomes

  28. Eldery people also want to eat every day!

  29. INFLUENCING FACTORS AND POTENTIAL SOLUTIONS

  30. CONCLUSIONS • Latvian pension system involves two obligatory levels and one voluntary level. • Subsistenceminimum shows that theoretically living costs should be covered, but practically it is not enough. • Elderliescanparticipateindifferentactivitiesandinsomespecialoccasions – getadditionalsocialsupport.

  31. CONCLUSIONS- RECOMMENDATIONS Conclusions - Recommendations

  32. CONCLUSIONS- RECOMMENDATIONS Conclusions - Recommendations

  33. CONCLUSIONS- RECOMMENDATIONS Conclusions - Recommendations

  34. Paldies par uzmanību!Thank You for Your attention!

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