GERB to Up Bulgarian Pensions by at least 7.6%

Social Policy and Labor Minister, Totyu Mladenov, says the ruling GERB is applying all possible effort to secure the increase of the income of all Bulgarians next year. Photo by BGNES

The exact percentage of the increase of retirement pensions in Bulgaria is still being discussed, but it would not be less than 7.6%, according to Social Policy and Labor Minister, Totyu Mladenov.

Speaking Friday for Nova TV, he confirmed earlier announcements of Deputy Prime Minister and Finance Minister, Simeon Djankov, about the upcoming upping of pensions.

Mladenov stated the increase will involve all pensions, including the highest ones such as those in the amount of BGN 700 a month.

The Minister stressed the cabinet of the ruling Citizens for European Development of Bulgaria party, GERB, had implemented serious reforms in the retirement system that allow now better accomplishment of the revenue plan of the National Social Security Institute, NOI, and the increase of pensions. He further explained GERB is currently applying all possible effort to secure the increase of the income of all Bulgarians next year.

In mid-August, Djankov boasted that the time to increase income has arrived in Bulgaria.

Mladenov is of the opinion that the insurance contribution thresholds must be upped to the max.

"There are trade union proposals in this direction, but all ideas must be debated and we need to be careful in deciding to what professions the increase would apply in order to avoid increasing unemployment as well," said he.

Regarding a brand new poll showing that more and more Bulgarians are leaving their homeland, the Minister stressed the government is encouraging and calling on all Bulgarian college students abroad to come back on the promise of "good pay with salaries of BGN 3 000."

"We must make our country attractive for young people, so that they stay here. The cabinet is doing everything possible; for example it pays insurance and transportation for first time job holders. By the end of the year over 10 000 young people will start work under different programs financed by the EU," Mladenov concluded.

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