Currently the biggest pension amount in Latvia paid to some pensioner is EUR 43 000, as LETA was told by the Latvian State Social Insurance Agency (VSAA).
VSAA did not reveal more information about the recipient of the biggest pension in Latvia. This information is protected by the Data Protection Law. The institution did say that this significant pension size came about as a result of re-calculations related to solidarity tax contributions to the old-age pension.
The next four biggest pension amounts paid in Latvia range between EUR 8 000 and EUR 10 000.
VSAA explains that if the right to a Latvian pension arises taking into account only Latvian insurance periods, the pension is calculated in accordance with national legal norms.
Data from VSAA shows that the minimal old age pension from the 1st of January of this year at the length of insurance from 10 to 15 years is EUR 188.10, but for persons with disabilities since childhood – EUR 226.60. Meanwhile, for example, at 41 years of insurance seniority – EUR 277.02, but for persons with disabilities since childhood – EUR 333.72.
The minimum amount specified for pensions the payment of which commenced on the 1st of January 2023 may be reduced by the amount of the lifetime policy.
If Latvian insurance period is not enough for a person to become eligible for a Latvian pension, decision-making will take into account insurance periods in EU/EEZ member states. Pension calculation, however, takes into account only the pension capital accumulated in Latvia. The pension amount paid to such people may be lower than the minimal amount paid in the country. However, they are also allowed to receive a pension from some other country alongside their pension in Latvia, VSAA explains.
If a person is eligible to a pension but there is no complete information, the pension is paid in advance in an amount the does not exceed the monthly amount of the expected pension.
As for the ceiling for contributions, VSAA notes the maximum amount of mandatory state social insurance contributions and voluntary contributions last year and this year is EUR 78 100.
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