Lithuanian social insurance surplus to grow 73 pct next year, pensions to rise 8 pct

The Lithuanian state social insurance fund Sodra's draft budget for 2019 targets a revenue surplus of 396.959 million euros, up by 167.942 million euros, or 73.3 percent, compared with the estimate for 2018.

The average old-age pension is expected to rise by 26.5 euros, or 8 percent, compared with this year to reach 358.3 euros, due mostly to indexation, according to the document, which was made public on Monday.

A total of 3.127 billion euros will be allocated for pensions next year, some 197 million euros, or 6.7 percent, more than this year. The average number of old-age pensioners will likely decline by 0.7 percent to 583,000 people.

The draft budget will be discussed by the government on Tuesday and will be later submitted to the parliament for approval.

Sodra's revenue is forecast to increase by 3.6 percent next year compared with this year's projection to 4.455 billion euros and its expenditure is expected to edge down by 0.3 percent to 4.059 billion euros.

Source: BNS
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