Postimees Digest, Wednesday, May 15
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New misdemeanor procedure introduces verbal warnings.
The Ministry of Justice has sent our for coordination the new Code of Misdemeanor Procedure that prescribes verbal warnings that do not need to be recorded, increases fines for more serious infractions, makes expedited procedure applicable in more cases, allows proceedings to be concluded provided persons have offered voluntary compensation for damages and introduces longer fine deadlines.
Estonia adds two important clauses to border treaty.
The Riigikogu Foreign Affairs Committee has approved two sentences to be added to the text of the 2005 Estonia-Russia border treaty. The new clauses state that the treaty deals "exclusively with matters concerning the border line" and that both sides will "confirm they have no territorial claims".
Banks looking for bigger II pillar payments.
Both the state and commercial banks are expecting people to increase their II pillar payments for the next four years. People who continued to pay into their II pillar between 2009 and 2010, when state-level payments were discontinued, will receive as compensation a 6 percent state pension payment instead of the usual 4 percent between 2014 and 2017. In addition, people have the opportunity to contribute 3 percent to their own pension instead of the usual 2 percent.
People who did not continue making payments will get the opportunity to increase their contribution to 3 percent in which case the state will add 6 percent. Bigger pension payments are only available to people born in 1955 or later. While commercial banks are urging people to seize the opportunity, the productivity of pension funds of major banks (SEB and Swedbank) still falls short of inflation while banks nevertheless stand to earn service charges on every euro invested.
Tallink makes a loss in Q1.
Baltic Sea shipping giant Tallink managed a turnover of 190.6 million euros and made a loss of 17.5 million in Q1 of 2013. The company said that the first quarter is usually slow and that several of its ferries were out of action due to scheduled maintenance. The company is set to treat shareholders to dividends of 5 cents per share in June.