The object of mandatory contributions shall not include the contributions made in favour of an employee by an employer in private pension funds in conformity with licensed pension plans and paid amounts of life assurance (with accumulation of funds) premiums which in total do not exceed 10 percent of gross remuneration calculated for the employee in the current calendar year, and paid amounts of life (without accumulation of funds), health or accident insurance premiums which in total do not exceed five minimum salaries specified by the Cabinet in the current calendar year, if:
1.the time period of the life assurance contract (with accumulation of funds) is not shorter than five years;
2.the time period of the life (without accumulation of funds), health or accident insurance contract is not shorter than one year;
3.the provisions of the life, health and accident insurance contract provide that the insurance indemnity for a case of insurance is paid to the insured person (or the beneficiary thereof), other amounts related to the operation of the contract or its termination shall be paid to the employer, and do not provide loan issuance to the insured persons.
Payments of mandatory insurance premiums of an employer in the cases specified in regulatory enactments when an insurance contract was entered into in favour of an employee shall not be the object of mandatory contributions.
Social security contributions are payable from annual 2,160 LVL a year.