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OECD: Latvia urged to increase basic pension
To reduce over-65 poverty, second highest after South Korea
10 March, 13:08
(ANSA) - BELGRADE, 10 MAR - The Organization for Economic
Co-operation and Development (OECD) has recommended to Latvia to
increase the basic pension to reduce pensioner poverty.
In a report focused on the pension system in the country, the OECD said that Latvia's old-age poverty rate is already the second-highest in the OECD area after South Korea. More than 25% of people over-65 "have an income below the relative poverty line". The basic pension was 64 euros per month in 2017 and did not increase in nominal terms in the last ten years.
OECD noted that the working-age population in Latvia will fall by about 20% in the next two decades "due to low fertility rates, increasing life expectancy and high emigration". (ANSA).
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In a report focused on the pension system in the country, the OECD said that Latvia's old-age poverty rate is already the second-highest in the OECD area after South Korea. More than 25% of people over-65 "have an income below the relative poverty line". The basic pension was 64 euros per month in 2017 and did not increase in nominal terms in the last ten years.
OECD noted that the working-age population in Latvia will fall by about 20% in the next two decades "due to low fertility rates, increasing life expectancy and high emigration". (ANSA).
