the largest pension is still 43,000 euros per month

Citing data security laws, VSAA does not disclose details of who is the recipient of the country’s largest pension. However, the institution states that a significant amount of the pension was achieved as a result of recalculations related to the deductions of solidarity tax on old-age pensions.

At the same time, the next four largest pensions range from 8,000 to 10,000 euros.

VSAA explains that if the right to a Latvian pension arises taking into account only Latvian insurance periods, then the pension is calculated in accordance with national legal norms.

VSAA data show that the minimum old-age pension from January 1 this year for insurance coverage of 10 to 15 years is 188.10 euros, and for people disabled since childhood – 226.60 euros. Meanwhile, for example, with 41 years of insurance experience – 277.02 euros, and for people disabled since childhood – 333.72 euros.

For pensions that began to be paid on January 1, 2023, the determined minimum amount may be reduced by the amount of the life policy.

If the Latvian insurance period is not sufficient for the right to receive a Latvian pension, then when determining eligibility, the insurance periods of other EU/EEA member states or contracting states are also taken into account, but when calculating the pension, only the pension capital accumulated in Latvia is taken into account. The amount of the Latvian pension assigned to such persons may be less than the minimum pension established in the country, but in addition to the pension assigned in Latvia, these persons can also receive a pension from another country, VSAA explains.

At the same time, if a person is entitled to a pension, but does not have all the necessary information to determine the amount of the pension, the applicant for a pension is paid an advance that does not exceed the monthly amount of the expected pension.

Regarding the contribution ceiling, the VSAA states that the maximum amount of compulsory and voluntary state social insurance contributions last year and this year was €78,100.

From January 1, 2019, the maximum size of the object of compulsory state social insurance contributions and voluntary insurance contributions is calculated and determined for three years, taking into account the maximum size of the object of contributions of the previous period, the increase or decrease in the average value of gross wages of workers in the national economy projected by the Ministry of Finance and the actual increase or a decrease in the average gross wages of workers in the national economy for the billing period, explains VSAA.