Bulgaria: The Cabinet approved an Increase in the Minimum Wage

The cabinet approved the new minimum wage parameters. From January 1 next year, it becomes 933 leva (or 477 euros), which is nearly 20% more than the current minimum wage. It is calculated according to the new formula, based on the annual average salary.

"Today we are about to make one of the most important decisions related to the preparation of the budget for 2024. We are about to make a decision on increasing the minimum wage by 153 leva. So from 780 leva in 2023, it will become 933 leva in January 1, 2024," announced Prime Minister Nikolai Denkov at the beginning of the regular meeting of the Council of Ministers.

"With this decision, we will fulfill one of our commitments to reduce inequality in Bulgaria, which is too high compared to the other countries of the European Union. Bulgaria continues to be the country with the lowest salary in the community, so we must gradually get out of the situation of an economy that attracts investors mainly with the low wages of employees. We must increasingly attract investors with productions with high added value, with high quality and with a trained workforce," explained the Prime Minister.

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