LITHUANIA - Sodra, the Lithuanian state-run social insurance fund has registered over 202,000 agreements between pension fund managers and individuals who have chosen to join private pension schemes so far, the Baltic News Service reports.
The registration period runs from September 16 to December 1.
But over 19,500 of all agreements were rejected as invalid for various reasons, according to Sodra's statement.
Under Lithuania's Law on Pension Reform, private individuals can voluntarily arrange for part of the state social insurance contributions to be accumulated in private pension funds starting in 2004.
In the first year of the reform, employees would contribute 2.5% of their income to cumulative pension funds, which amounts to employees' mandatory insurance contribution under the current system. The rest is contributed by employers. This percentage rate will be increased by 1 point annually until it reaches 5.5% in 2007.
Experts forecast that between 250,000 and 300,000 people will sign up for private pension schemes.
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