Pensions to be indexed from October 1, rising by 4.24% to 5.22%
On October 1 this year, Latvia's annual state pension indexation will take place as required by law, affecting 97% of pensioners with increases depending on insurance record length.
On October 1 this year, in line with the Law "On State Pensions," Latvia's annual pension indexation will take effect, fully covering around 97% of pension recipients.
The size of the increase depends on a person's insurance record. Those with an insurance record of up to 29 years will see their pension rise by 4.24%. For those with 30 to 39 years of record, the increase will be 4.56%, while those with 40 to 44 years will get 4.89%. The largest increase, 5.22%, is set for people with an insurance record of 45 years or more.
Who gets full indexation
Regardless of insurance record length, pensions are indexed in full for several groups: politically repressed persons, people with first-degree disability, participants in the cleanup of the Chernobyl nuclear disaster's consequences, and those whose old-age pension was granted before the statutory retirement age due to caring for a disabled child or raising five or more children.
Other pensions and supplements
Service, disability and survivor's pensions, as well as insurance compensations and supplements, will receive a uniform index of 1.0424, equal to a 4.24% increase.
The Welfare Ministry explains that the pension index is calculated based on the actual consumer price index, or inflation, over the previous 12 months, plus a share of the positive real growth in insurance contribution wages.
