Bulgaria to Up Only Minimum Pensions in 2012

Bulgaria's Social Policy and Labor Minister, Totyu Mladenov, says in the current economic conditions increase of retirement pensions can be done only gradually. Photo by BGNES

There will be an increase of all retirement pensions in Bulgaria in 2013 and 2014, while in 2012 only minimum pensions will go up.

The statement was made Friday in the Parliament by Bulgaria's Social Policy and Labor Minister, Totyu Mladenov.

Mladenov gave as a reason for the delayed increase the shortage in the budget of the Social Security Institute (NOI), pointing out other options to boost pensions will be looked at in case there is data about economic growth.

The Minister stressed that about 1 million of a total of 2.2 million Bulgarian retirees get pensions below BGN 200 a month, thus the State is obliged to find resources for them first.

"Increase of pensions continues to be a top priority for the cabinet, but under current economic conditions the achievement of this goal can be reached only gradually. Upping the pensions of widows and widowers was the first step in this direction," Mladenov pointed out.

The Minister further informed that the meeting of the so-called Three-Way Council between the cabinet, the business and the trade unions, scheduled for Monday, would yield more clarity on the subject.

In an interview for the local Nova TV, two days before the runoff of the presidential and local elections, Prime Minister, Boyko Borisov revealed that retirement pensions will be increased next year by a total of BGN 250 M

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