Bulgarian Social Minister Forecasts 10% 2012 Wage Growth

Finance | May 7, 2012, Monday // 11:15|  views

Similarly to PM Borisov, Social Policy and Labor Minister, Totyu Mladenov (pictured), is also convinced that during the GERB term life expectancy of Bulgarians has increased. Photo by BGNES

Bulgarian Social Policy and Labor Minister, Totyu Mladenov, admits that in the last several years wages in the country have been lagging behind.

Speaking Monday in an interview for Nova TV, the Minister from the cabinet of the ruling, center-right Citizens for European Development of Bulgaria party, GERB, explained the frozen income with the financial crisis, and on a more optimistic note said he was not ruling out a 10% increase of salaries by the end of 2012.

Mladenov stressed that the money in the so-called Silver (Retirement) Fund should not just "sit," but must be invested as his colleague Finance Minister, Simeon Djankov, wants, though "extremely securely."

He pointed out that in the last 8 months the minimum monthly wage in Bulgaria went up by 20%, which in the years of GERB's rule has been carefully aligned with the growth of productivity. The Minister reminded that the cabinet plans an increase of the minimum wage by BGN 20 a month every year.

Mladenov confirmed statements of Prime Minister, Boyko Borisov that during the GERB term life expectancy of Bulgarians has increased, noting that people in retirement age who feel well enough to keep going to work must be given the opportunity to do so.

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Tags: Totyu Mladenov, Social Policy and Labor Minister, minimum monthly wage, income, salaries, GERB, life expectancy, increase, Boyko Borisov, Prime Minister, PM, Silver Fund

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