Latvia to Up Retirement Age to 65 by 2025

Latvia's retirement age will be gradually increased at the rate of three months annually, until it reaches 65 in 2025, the local Parliament has decided.

The amendment was supported by 49 MPs, while 39 voted against. No lawmakers abstained from voting.

The previous version of the bill stipulated that the retirement age would be increased by three months in 2014 and 2015 each, and by six months every year from 2016 to 2020.

The slower increase in the retirement age will cost LVL 210 M to the social budget, The Baltic Course has informed.

Nearly 25% of the Baltic country's population are currently retired.

According to experts, low birth rates and aging populations are potential "time bombs" for the retirement systems of Latvia and other countries, including Bulgaria, the BGNES news agency observes.

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