BALTIC REGION - The number of people joining Estonia's second pillar pension system has reached just over 300,000, according to the Baltic News Service.
This is 100,000 more on the same time last year.
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Separately, the news service reported that the Latvian government has also approved a draft of the country’s 2004 Budget.
Finance Minister Vladis Dombrokskis submitted the draft to parliament and was reported as saying that it will pay more attention to the “social sphere”, earmarking funds for higher pensions and the minimum wage.
Latvia’s budget is based on an estimated 6.1% gross domestic product and a 3% inflation rate.
In Lithuania, VB Investiciju Valdymas, a unit of Lithuania's biggest commercial bank, Vilniaus Bankas, has entered into an agreement with the VP Market retail chain to distribute its pension products.
VB Investiciju Valdymas has two pension schemes.
Saulius Racevicius, the bank’s chief executive officer, was reported as saying that VB had now finalised 7,000 pension agreements and predicted rapid growth as a result of the agreement.
According to the country’s pension reform law, private individuals can voluntarily arrange for part of the state social insurance contributions to be accumulated in private funds, starting January 2004.
PwC, KPMG, EY and Deloitte must break up their consultancy and audit businesses into distinct firms to provide greater focus on the "most challenging and objective audits", the competition watchdog has said.
The Department for Work and Pensions (DWP) has released its first batch of guidance setting out how the guaranteed minimum pension (GMP) conversion legislation may be used to resolve unequal payments.
This week's top stories include the government spending £800,000 on a Gogglebox advert and MPs writing to The Pensions Regulator about its engagement with the Railways Pension Scheme.