There are currently no discussions in Lithuania on extending the retirement age, a representative of the Ministry of Social Security and Labour has said.
“At the moment, there are neither discussions nor decisions taken to extend it (retirement age) more than it is being extended now,” Inga Buskute, head of the ministry’s Pension Group, said on January 3.
She added, however, that international organisations like the OECD and the European Commission were saying postponing retirement would be needed in the future.
“When the time comes for discussions, they will be public,” Buskute said.
In Lithuania, the retirement age is gradually increasing and will reach 65 years in 2026. According to Buskute, raising it further is not the only solution.
“The retirement age is only one of the measures, certainly not the only one. Private retirement saving is a source that slightly eases the burden in the future and helps avoid the extension of the retirement age,” said Buskute.
The previous government did not intend to raise the retirement age either, although the Bank of Lithuania said in 2018 that the country might need to raise the retirement age in the future to avoid labour shortages.
According to the Central Bank, decisions could be taken within ten years, and in the worst-case scenario, the retirement age could be pushed back by another 7-8 years. (LRT/Business World Magazine)
