Diena comes to the paradoxical conclusion: in our country, seniors' incomes "grow faster than the economy." We already relatively surpass even wealthy countries like Germany, France, Austria, Italy, and Spain in this indicator.
Second-level pension savings reached 9.5 billion euros, while third-level savings amounted to nearly one billion euros, according to data from Manapensija.lv.
"It should be noted that last year the government decided to transfer one percentage point from the funded pension scheme (second level) to first-level pensions during the period from the beginning of this year until the end of 2028, directing 15% to the first level and 5% to the second level. Previously, 14% was directed to the first level and 6% to the second level."
Meanwhile, the European Commission forecasts that Latvia will experience a decline in the replacement rate of pensions to salaries - over a 40-year perspective, this share will decrease from 60.2% to 46.3%. Well, this is still an optimistic scenario, as it suggests that pensions will still exist as such in the mid-21st century!
"In the future, we will face demographic challenges," writes Diena, "Latvian Bank economist Oleg Tkachev has previously noted that currently there are about three working-age people for every pensioner, but after 15 years this ratio will decrease to two, and by 2060 - only to 1.5 people. This is half of what it is now."
