Insurance Contributions Wage Index Calculation And The Old-Age Pension Capital Escalation Procedures

Original Language Title: Apdrošināšanas iemaksu algas indeksa aprēķināšanas un vecuma pensijas kapitāla aktualizācijas kārtība

Read the untranslated law here: https://www.vestnesis.lv/ta/id/155220

Cabinet of Ministers Regulations No. 205 in Riga in 2007 (March 27. No 21 18) insurance contributions wage index calculation and the old-age pension capital escalation procedure Issued under the law "on State pensions" 12. the first paragraph of article i. General questions 1. determines the order in which: 1. calculation of the old-age pension capital updates applicable to insurance contributions wage index (hereinafter capital index);
1.2. the old-age pension capital updates according to insurance contributions wage changes in the country. 2. The State social insurance agency calculates each year the capital index, as well as take account of the insured person accumulated retirement capital updates, on the basis of the information in its possession on the social insurance contribution salary amount in a specified period. 3. the index of capital shall be published in the Official Gazette "Latvijas journal". 4. equity index, and updated the pension capital is expressed to four decimal places. II. calculation of the equity index capital index 5 is calculated using the following formula: (A) (ti-1 ti 1-Jul 31, aug.). It = — — — — — — — — (A) (i.e.-1.2.1-Jul 31-IE.) It-capital index i.e. a year; (A) (ti-1 ti 1-Jul 31 aug.)-social insurance contributions wage amount from ti-1 august 1 to July 31, IE; (A) (i.e.-1.2.1-Jul 31-IE.)-social insurance contributions wage amount from ti-2 august 1 to ti-1 July 31.
III. The old-age pension capital escalation 6. Old-age pension capital annual updating of a year by multiplying the period from 1996 to the ta-2 year (updated) accumulated pension capital with the capital index that is defined on the ta-1 year.
7. the total updated pensionable capital applicable to the granting of old-age pensions tp year, make this provision in paragraph 6 in accordance with the procedure laid down in the pension capital is updated, the previous and the current year accumulated pension capital, as well as an update of the initial pension capital. The total capital of the updated pension is calculated using the following formula: K = (((x + K1997 K1996 I1997) x I1998 + K1998) x I1999 + ... + Ktp-2) x-1 + Ktp-1 Irm + Ktp + Ks, where K-total pension funds updated; K1996, K1997, ...,-2,-1 Ktp Ktp, Kcc-before retirement in each calendar year concerned (1996, 1997, ..., tp-1, tp 2, tp-) accumulated pension capital, where tp is assigned a year pension; KS-pensions starting capital, calculated law "on State pensions" in paragraph 13 of the transitional provisions set out in the order and according to the rules of the updated point 8; I1997, I1998, ..., Irm-1-capital index that is defined for a given calendar year (1997, ..., tp-1) if the annual pension is granted TPS.
8. Old-age pensions starting capital updates, each year the average insurance contributions wage that takes into account the pension starting capital, applying capital indexes defined for the years that follow the year cooperation until the retirement year. 9. in paragraph 7 of these rules calculate the total updated pensionable capital, supplemented by occupational pension funds accumulated under the State funded pension law, if the insured person, requiring the old-age pension, expressed such a desire.
10. The translation of the old-age pension in addition to the three years of accumulated pension capital after retirement (translation) for the period from 3-n (n = 1, 2, 3, 4, ….) and three year total pension capital in the form of an updated this provision prescribed in point 6 of the updated additional accumulated pension capital, as well as the previous and the current year accumulated pension capital. Total updated pensionable extra accumulated capital is calculated using the following formula: K = (((n x-Ktra-Itr (n-1) + Ktra-(n-1)) x (n-2) Itr-+ K 3-(n-2)) x-(n-3) Itr + ... + Ktra-2) Itr-1 x + 1 + Ktra, Ktra-where K-total update in addition to the accumulated pension capital; Ktra, Ktra-n-(n-1)-a (n-2) Ktra, Ktra, Ktra-1,-2,-after retirement Ktra (conversion) in each calendar year concerned (tr-n, 3-(n-1), 3-(n-2), ..., tr-2, tr-1, tr) accumulated pension capital, if the 3 year is recalculated pension; ITR-(n-1), Itr-(n-2), ..., Itr-1-capital index that is defined for a given calendar year (1997, ..., 3-1), if the 3-year pension is recalculated.
Prime Minister-Minister of Welfare Minister a. Slakter-Minister of education and science Rivž of B.