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LATVIA

LATVIA. Financial tools to maintain welfare society. Agenda. Participants in the project Country – Latvia BA School of Business and Finance MEP IP project – Ageing in Europe. Participants:. Laura Polovjanova Karīna Galicka Sanita Gorbačova Linda Žūriņa Zane Zolmane Alīna Sprengeļe.

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LATVIA

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  1. LATVIA Financial tools to maintain welfare society

  2. Agenda • Participants in the project • Country – Latvia • BA School of Business and Finance • MEP IP project – Ageing in Europe

  3. Participants: • Laura Polovjanova • Karīna Galicka • Sanita Gorbačova • Linda Žūriņa • Zane Zolmane • Alīna Sprengeļe

  4. Our country - Latvia: • http://youtu.be/04A4GwxvwXQ

  5. BA School of Business and Finance(2): • http://vimeo.com/59045323#at=0

  6. IP MEP Ageing in Europe Financial tools to maintain welfare society

  7. Death related benefits Disability and illness Welfare Careers Families and children Unemployed people Social welfare payments and work Farming and fishing Extra social welfare benefits Education Older and riterided people Supplementary Welfare Schemes

  8. Consolidated Budget Government budget Local government budget Government special budget Local government basic budget Gorvernment basic budget Local government specialbudget Tax system in Latvia

  9. Taxes as a financial tool to maintain welfareinLatvia • Personal income tax • State mandatory social insurance payments • Value added tax • Real estate tax

  10. PersonalincometaxcharacteristicsinLatvia • Anindividualisliablefortaxonhisincome • asanemployee • asa self-employedperson • individualmustmeettherequirementofresidenceinLatvia • Employerisobligated to deducttheamountofincometaxandnationalinsurance

  11. StateMandatorysocialinsurancepayments • income gained by an employee • a set of measures organised by the State

  12. Three-Tier Pension System in Latvia • The First Pillar (state compulsory unfunded pension scheme); • The Second Pillar (state funded pension scheme); • The Third Pillar (private voluntary pension scheme).

  13. Devision between 1st and 2nd in budget

  14. Insurance as a welfare instrument

  15. Population structure in Latvia by age groups in 2012

  16. Natural increase in last 5 years

  17. Average age of life in Latvia by gender

  18. Participation of other organisations • Local governments: • Partialrefund of the of money that has been spent for the medicine; • Partially covered expenses for public utilities; • Localcommunalapartments; • Etc. • Red Cross; • Latvian Support Association for low-income people "DACE“: • To provide information about legal and social issues, • To organise free cultural events, • To arrange art exhibition of disabled children "The world around me“.

  19. Conclusions • Benefits are provided by Special government budget which is formed each year and it consists of contributions from pension insurance, dividends and other income; • Latvians can improve their future pension with 3rd pension level or universal life insurance; • Latvia has unarranged pension system; • Pensions and benefits depend on paid in to a budget taxes;

  20. Conclusions (2) • The negative natural increase and migration creates a negative impact on pension and benefit system of Latvia; • Planned special budget cannot cover all needs on benefits and pensions; • Local governments has been considered as an essential support to elder people; • Low - income people receive help from non-profit organizations; • People live with no vision about their future and old age.

  21. Suggestions • People should choose Universal life insurance with savings and with attraction of funds; • Government must motivate to pay taxes; • System of paying pensions should be improved and labor must be educated; • To improve birth rates country should provide well-prepared benefit system; • We need to produce new generation to pay taxes for our future pension and different benefits;

  22. Thank You For Your Attention!!!! Paldies Par Uzmanibu!!!

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