More Bulgarians Fancy Retirement

The number of Bulgarians willing to retire has increased, the National Social Security Institute has announced.

Since October, the retirement declarations have grown with 19% year on year, reaching 23 550. The amendments to the Bulgarian retirement system are the among the cause for the urge, according to the Institute's Head, Hristina Mitreva.

Starting next year, the new retirement requirements for men will include simultaneously minimum 37 years of service and age above 63. Women should be 60 years of age and should have 34 years of service.

Up until now, Bulgarian men have been allowed to retire upon reaching 63 or, alternatively, a total of 100 points – the sum of years of age and years of service (i.e. a 64 year-old man with 36 years of service is alowed to retire). The current requirements for women are 60 years of age or 94 points.

According to the new amendments, a 64 year old man with 36 years of service or a 61 year-old woman with 33 years of service has to either retire by the end of 2010 or work for one more year.

The Bulgarian media has stated that eliminating the "point" system will effect 10 000 people by the end of 2010. Hristina Mitreva, though, dismissed this statement, saying that the number is considerably lower, even though the Institute is not acquainted with the exact figure.

There is no money for Christmas bonuses for the retired in 2010, Mitreva clarified.

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