2018 Sodra budget surplus projected to jump 55 pct to EUR 218 mln

Sodra main headquarters in Vilnius
Foto: DELFI / Rita Gečiūnaitė

The budget surplus of the Lithuanian state-run social insurer Sodra should be 218.3 million euros next year, which is an increase by 55 percent, or 77.2 million euros, from this year's projected 141 million euros, according to the Sodra 2018 budget draft to be presented to the government on Wednesday.

Sodra's revenue should next year total 4.231 billion euros and spending should stand at 4.012 billion euros, up by 9.2 percent and down by 7.4 percent, respectively, from this year's projections.

The 2018 Sodra budget does not envisage a cap on payments earlier proposed by the government. The Cabinet had proposed an annual ceiling of 120 average monthly wages, which would have slashed the fund's revenue by approximately 39 million euros.

The bulk of Sodra's spending (73 pct) will traditionally go towards old-age pensions next year – 2.939 billion euros or 12 percent above the projections for this year. The projected average old-age pension should be 331.7 euros, up by 40.7 euros from 2017.

Source: BNS
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