Salary increases are to be suspended for members of the management boards and supervisory boards of publicly owned companies and publicly owned private companies. Their remuneration will not exceed the level set on August 31 2024.
"It is important for the Latvian society that the management of state-owned and local government-owned capital companies is efficient and transparent, and that the remuneration of the members of their boards and councils is competitive but also proportionate. It is in the public interest to derive maximum benefit from the assets owned by a public person, and their use must be in line with the objectives set by the state or local government," reads the letter of the President of Latvia Edgars Rinkēvičs to the Presidium of the Saeima.
The President also draws attention to the fact that the current possibilities of the State budget are limited.
The most important priority for the 2025 budget is to strengthen the country's internal and external security. There are also other sectors with pressing needs, including those in which non-commercial public corporations operate.
Limiting the increase in the remuneration of members of the Management Boards and Supervisory Boards of state and municipal capital companies for two years and, in the case of non-commercial capital companies, setting the remuneration at 80% of private sector remuneration, without the possibility of applying other derogations to increase remuneration, is one of the tools to save budget funds, the President's Chancellery said.
The President has called on the Saeima to consider the draft law as a matter of urgency.
