Bulgaria to Smoothly Increase Retirement Age from 2015

Finance | October 25, 2010, Monday // 13:56|  views

Totyu Mladenov and Hristina Mitreva presented Monday the final draft for amendments to the Bulgarian Social Security Code. Photo by BGNES

The required retirement age of workers in the first and second category of work will start growing smoothly from 2015, with six months per year, the Bulgarian Labor and Social Policy Minister, Totyu Mladenov, has announced.

At a press conference on Monday, Mladenov and the head of the National Insurance Institute (NOI), Hristina Mitreva, presented the final draft for amendments to the Social Security Code, which will be reviewed on Tuesday by NOI and on Wednesday by the National Council for Tripartite Cooperation and by the Council of Ministers.

Mladenov and Mitreva suggested that the retirement age should increase until reaching 55 years for women and 58 years for men, working in the first category of work. Women, working in the second category will have to reach 60 years and men – 62.

From January 1, 2011, insurance contributions of workers in these categories will be put into the account of the newly created fund to NOI, "Early retirement." The contributions will be 12% for first category and 7% for second category of work.

The required retirement experience in the general category of work will start increasing from 2015 by four months per year. The goal is to reach 37 years of work experience for women and 40 years for men by 2024.

The period for calculating maternity and unemployment allowances will increase from 12 to 18 months, due to the common violations.

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Tags: pension reform, Retirement age, retirement fund, Totyu Mladenov, Hristina Mitreva, National Insurance Institute, NOI, insurance contribution


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