New Pension Rules In Bulgaria: Higher Retirement Age, Service Demands

As of January 1, significant alterations have been implemented in the retirement age and mandatory service duration, impacting pension entitlements for both men and women.

Under the new regulations, women are now eligible for pensions at the age of 62 years and 2 months, contingent upon having a minimum insurance service duration of 36 years and 6 months. Conversely, men can claim pensions at the age of 64 years and 7 months, provided they possess an insurance service of at least 39 years and 6 months.

These benchmarks are slated to progressively increase until reaching 37 years of mandatory service for women and 40 years for men. Similarly, the retirement age is expected to ascend to 65 years for both genders.

This amendment aligns with ongoing efforts to adapt pension systems to evolving demographic trends and financial sustainability considerations. The adjustments aim to ensure the long-term viability of pension schemes amidst shifting population dynamics and extended life expectancies.

The modifications in retirement criteria necessitate individuals to reassess their retirement planning strategies, considering the revised thresholds for entitlement. As the retirement landscape undergoes transformations, Bulgarian citizens are encouraged to stay informed about the evolving pension regulations and their implications for future retirement prospects.

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