Bulgarian FinMin Announces 'Period of Income Rise'

Bulgaria's Deputy Prime Minister and Finance Minister, Simeon Djankov, says the policy of strict fiscal discipline will now allow an increase of income of Bulgarians. Photo by BGNES

The time to increase income has arrived, according to Bulgaria's Deputy Prime Minister and Finance Minister, Simeon Djankov.

Speaking Monday from the Black Sea city of Varna, he explained that since the beginning of 2013, retirement pensions will go up by at least 7.3%.

Cited by the Bulgarian news agency "Focus", the Minister reported that the total inflation from July 2009 to July 2012 was also 7.3% to be compensated by the planned increase of pensions.

"We led in the last years a policy of very strict budget discipline in order to differ from those European countries that cannot afford to increase pensions. The time to up income has come," Djankov said.

He further informed that during the last week the cabinet had discussed on two occasions how to increase the pensions – progressively in several stages or by a different percentage at once.

The Minister promised that the exact amount of the increase of salaries of State servants, which became effective on August 1, will be published in the upcoming two weeks in order to have clarity and transparency.

Djankov declared that the State assistance for mothers, the taxes and excise duties will remain the same in Budget 2013.

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