Bulgarians Will Wait Longer for Retirement, Old Age Pensions

Bulgaria's Social Ministry has announced there will be public consultation on proposals to increase the age of retirement and eligibility for old age pensions. File photo

The Bulgarian Ministry of Labor and Social Policy has proposed on Monday that there are two viable options for changes to the age of retirement. Prior to making a final choice, both schemes will be put forward for public discussion.

Whichever the favored option, the changes will certainly need to be implemented by early 2010, according to the Social Ministry.

One proposal is for retirement and old-age pensions to become payable after 40 years' work service for men, and 37 for women.

This measure would raise the eligible age by three years, compared with the present situation. The minimum retirement age would then become 63 (for men) and 60 (for women).

As of 2015, the retirement age for women should be increased by six months each calendar year, so that by 2020, it would become the same as it is for men.

The other option is that, from the beginning of 2012, the retirement age for women should be increased by four months per annum, for both men and women, until both reach 65 years as the eligible age for pensions to be payable.

Under this proposal, the required pensionable service would be 37 years for men and women, alike.

There is already a consensus that, from the beginning of January 2010, the existing upper limit on pension payments will be removed.

Bulgaria is not alone in examining ways to improve existing retirement and pensioner regulation. The long-term trend in Europe for a decline in birthrates means the older sector of the population increases, with fewer younger workers carrying the financial burden of supporting them.

In Britain, the Equality and Human Rights Commission has said on Monday that people should be allowed to work beyond the age of 65 and with more flexible hours.

British workers can see their employment end at 65 even if they do not want to retire.

The commission wants ministers to scrap the retirement age, saying it is out of date and discriminates against people who want to carry on working.

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