A public initiative has successfully gathered the required 10,000 signatures through the platform 'Manabalss.lv,' pushing to make the second level of pension contributions in Latvia voluntary. This initiative was presented to the Saeima by the party known as Platform 21, which was previously established by Aldis Gobzems and is now represented by Arigo Toro. The proposal emphasizes the current obligation for individuals born after 1971 to contribute 6% of their income to private pension funds without guaranteed returns, leading to concerns of long-term financial losses for citizens.

Platform 21 argues that high labor taxes in Latvia negatively affect the country's economic competitiveness and foster a shadow economy. The party proposes that citizens should have the flexibility to choose whether to continue contributing to the second pension level, transfer their accumulated funds to the first level, or withdraw their savings entirely. Additionally, they suggest reducing social contributions by 6% for those who opt out of the second pension level, aiming to alleviate the financial burden on the populace and enhance fiscal freedom.

This initiative speaks to broader concerns about the pension system in Latvia, which has faced criticism for its structure and the management of funds. By advocating for a voluntary approach to pension contributions, the supporters of this initiative hope to empower citizens to make their own financial decisions, ultimately protecting them from potential losses associated with the current mandatory contribution system that does not guarantee returns on investments in private pension schemes.