Posts tagged as pension

Second pillar pension payouts lead to shopping sprees

Monday, September 13, 2021

A large part of the money people received from second pillar payouts went toward eliminating small debts. But shopping malls were also filled with people last week buying small appliances and electronics. A more accurate overview of spending will become clear in the near future, but the effects of pension assets decreasing and their effects on society will be seen in the coming decades. The total amount paid out to…

17 percent of people apply to leave second pillar pension fund

Tuesday, March 30, 2021

Data from the Pension Center shows 129,681 people have submitted an application to leave the second pension pillar after changes were introduced at the start of the year. This is 16.9 percent of people who joined. To receive money from the second pillar in September, applications must be submitted by the end of March. Applications can also be withdrawn until July. The Ministry of Finance has estimated that about 25-30…

Average pension to rise by slightly more than €28 from April

Friday, February 12, 2021

The average old-age pension in Estonia will rise by between €28-29 from April 1, Minister of Public Administration Jaak Aab (Center) said at the government’s press conference on Thursday. About €20 of the increase is the result of a law adopted by the Riigikogu in December 2020. To that, between €8 and €9 will be added, meaning that the average monthly pension will increase by approximately €28, the Center Party…

Latvian residents want their pension savings passed on after death

Monday, February 10, 2020

So far a total of 67 826 Latvian residents have chosen in favour of passing on their second level pension savings in the event of their death. 66.9% have chosen to let their pension savings be inherited after their death, as reported by State Social Insurance Agency (VSAA) representative Iveta Daine. At the same time, 31.9% have chosen to add their remaining second level pension amount to someone else’s second…

Over half of 2nd pillar pension savers to go on saving in Estonia

Monday, December 23, 2019

23% of the people who have joined the mandatory funded pensions scheme, dubbed second pillar of the pension system, plan to continue accumulating savings into a pension fund after the second pillar is made voluntary, a fresh survey by Kantar Emor indicates. The pollster launched regular monitoring of the pension reform in December to keep track of changes in the opinions and intentions of Estonian residents when it comes to…

Pension reform in Estonia to increase pressure

Tuesday, November 19, 2019

Speaking at a meeting between Bank of Estonia Governor Madis Müller, Deputy Governor Ülo Kaasik and the Finance Committee of the Riigikogu, representatives of the Bank of Estonia once again drew the attention of committee members to potential bottlenecks in the implementation of the pension reform in its current planned form. In addition to the pension reform, the meeting also touched upon the state of the economy of the euro…

Coalition agreed on pension reform bill, differ on ensuing pension hike

Tuesday, August 13, 2019

The coalition government came to an agreement Monday night to carry out pension reform in one move, with money saved contributing to a pension hike, ERR’s online news in Estonian reports. The issue has seen some differences of opinion on making a pensions hike contingent on the bill, however, with Centre and EKRE broadly speaking in favor of this, and Isamaa more sceptical. Making the so-called second pillar of the…

Puerto Rico’s governor to quit Aug. 2 in face of protests

Thursday, July 25, 2019

Puerto Rico Gov. Ricardo Rosselló announced late Wednesday that he will resign Aug. 2, conceding power after nearly two weeks of furious protests and political upheaval touched off by a leak of crude and insulting chat messages between him and his top advisers. A crowd of thousands outside the governor’s mansion in Old San Juan erupted into cheers and singing after Rosselló’s announcement on Facebook just before midnight. “My only…

First Pension Plan Created in Latvia Which Invests in Industries’ Most Sustainable Businesses

Wednesday, May 22, 2019

Citadele Bank’s subsidiary, CBL Asset Management, has created Latvia’s first pension plan whose pension savings are invested in businesses which are the most sustainable in their respective industries. Therefore Latvia now has the first pension plan based on responsible investments, BC learned from the CBL Asset. The new pension plan, “CBL Sustainable Opportunity Investment Plan”, has also been published on the manapensija.lv site, and anyone can apply. This pension plan…

Pension of retired police and military personnel to rise to pre-crisis levels

Tuesday, February 12, 2019

The Estonian parliament approved on Tuesday a bill whereby the pension of those retired police and military personnel whose wage levels were lowered during the economic crisis is to be increased. The initiators of the bill said that the draft legislation seeks to ensure that the personnel of the Estonian defense forces who retired before April 2013 and those of the Estonian police who retired before January 2010 be treated equally…