Bulgarian Govt Mulls Annual Update of Minimum WageBusiness | October 18, 2013, Friday // 16:53| views
Bulgaria's Minister of Labor and Social Policy in the Socialist-led government, Hassan Ademov, photo by BGNES
Bulgarian Social Policy and Labor Minister Hassan Ademov is proposing a mechanism whereby the minimum monthly wage will be updated each year.
The update will take into account inflation and will be bound by the amount of the average wage.
The minimum monthly wage, after taxes and insurance have been deducted, will not be allowed to fall below the amount of the specified poverty line, reported Friday the Bulgarian public radio, BNR.
The updated amount will become effective at the beginning of each year, and the government will determine monthly and hourly rates for the minimum wage.
The mechanism provides that the amount of the minimum wage should not be less than 35% of the average wage for the last quarter for which statistics are available, and should not exceed 55 % of it.
The monthly amount of the minimum wage will be multiplied by the consumer price index for the year, compared to the previous year.
The proposal will be submitted next week for consideration to the National Three-Way Council between the government, the trade unions and the business.
We need your support so Novinite.com can keep delivering news and information about Bulgaria! Thank you!