Ex Bulgaria Social Security Chief Calls for Contributions Increase

The former Chief of Bulgaria’s National Social Security Institute, Yordan Hristoskov, has slammed early retirement and the excessive reduction of pension contributions over the past 5-7 years.

Hristoskov said Tuesday that the 2 previous governments had made serious policy errors including the “unprincipled reduction of social contributions.” He added that this reduction of contributions had left a huge hole in the Pension Fund as well as in the funds for maternity leave and unemployment.

Hristoskov added that the reduction had freed up over BGN 12 B for businesses, who had spent the money on real estate both in Bulgaria and abroad rather than ploughing money back in to the social system of the country. He called for the gradual increase in contributions but not to the levels they were at 8 years ago.

Hristoskov, who is on the board for social reform, working at the Social Ministry, also said that Bulgaria is the “champion in young pensioners” and praised the government’s decision to increase the required years of employment before retirement from 37 years to 40 years.

We need your support so Novinite.com can keep delivering news and information about Bulgaria! Thank you!