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BA School of Business and Finance Research Ag e ing in Europe

BA School of Business and Finance Research Ag e ing in Europe. Students : Laura Mazure Marita Greidāne Endijs Melecis Uļjana Salija Reinis Vucāns Anna Mavļutova. Research managers: Inese Mavļutova Terēze Korsaka. PLAN. AGEING: - MIGRATION - NATURAL DECREASE OF CITIZENS

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BA School of Business and Finance Research Ag e ing in Europe

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  1. BA School of Business and FinanceResearchAgeing in Europe Students: Laura Mazure Marita Greidāne Endijs Melecis Uļjana Salija Reinis Vucāns Anna Mavļutova Research managers: Inese Mavļutova Terēze Korsaka

  2. PLAN • AGEING: - MIGRATION - NATURAL DECREASE OF CITIZENS • FIRST PILLAR • SECOND PILLAR • THIRD PILLAR

  3. Population of Latvia during the periods 2000.-2010.

  4. The natural increase of the citizens during the period 2000.-2009.

  5. The biggest aging problem in Latvia is the pension system!

  6. SOCIAL SECURIY TAX – 34,09% Maternity benefits, disable pensions etc. – 14,09% 2nd pillar – 2% 1st pillar -18% 3rd pillar - private

  7. 1st pillar • Launched in 1992. • The principle of generation and gender solidarity. • Working population paysthe old age pensions.

  8. Black or shadow economy

  9. 2nd pillar • Launched on 1 July, 2001 • Everyone’s social contributions are invested into the financial market and accumulated on the personal account • Do not have to pay additional social contributions

  10. Total redistribution of the pension capital contributions between the 1st and the 2ndtiers of the pension scheme

  11. DEFICIT IN 2ND PILLAR

  12. Number of persons involved in the second pension level- voluntary and obligatory

  13. Investment in the second pension level( mill. Euro) 2003.-2010.

  14. 3rd pillar • Provides an opportunity to save money in private pension funds • Managed by credit institutions, life insurance companies, investment firms and asset management companies • Payments are placed in individual account

  15. Savings made by employers from all invetments from 2001.- 2010.

  16. Participants in private pension plans from 2001.-2010.

  17. Conclusion I • The decreasing of workers who can pay pensions certainly will cause the raising of the retirement age and influence the living quality for seniors. • Nowadays Latvia runs a three-pillar pension system, which was started to reform soon after independence. • The share of pensions is divided in two parts-for the first pillar 18% and for the second pillar-2%.

  18. Conclusion II • The reasons for depopulation in Latvia are negative birth balance and migration problems. • People in Latvia are having the possibility to increase their pensions by implementing 3 pillar pension system. • The size of pensions paid has been increased because of inflation and salary increase. • In Latvia there are seven private funds for now. The third pension level also supply insurance companies.

  19. Proposals I • Government should give benefits four young people to motivate them stay in Latvia and start businesses – offer them tax reliefs, courses for young entrepreneurs for free etc. • Government should pay benefits four young families with children. • The campaign should be made like discussion in simple words, so people could realize this huge ageing problem.

  20. Proposals II • Latvian government have to indicate specific future of 3 level pension system in country, so people will start to believe in it. • The government should explain, where the taxes paid are going, so it could help to reduce the black economy.

  21. THANK YOU FOR YOUR ATTENTION!

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