Retirement Pensions in Bulgaria to Go Up 3% in 2014

Finance | November 26, 2013, Tuesday // 14:36|  views

Bulgarian lawmakers froze Tuesday the minimum retirement age and years of service to the 2013 levels, file photo

Bulgarian lawmakers adopted at second reading Tuesday the budget of the National Social Security Institute (NOI).

The new budget of NOI provides for an update of retirement pensions in June 2014 with an increase of 3% of all pensions and upping the pension ceiling from BGN 770 to BGN 840 over the increase of the maximum insurable earnings. In July 2014, the lowest pension will be BGN 154.5, compared to the current BGN 150.

The minimum retirement age and years of service keep their 2013 levels – 60.8 years of age and 34.8 years of service for men and 63.8 and 37.8, respectively for women.

MPs from the opposition formerly-ruling Citizens for European Development of Bulgaria party, GERB, reiterated that the freeze of retirement age and years of service increases NOI's expenditures and condemns retirees to poverty.

Their proposals to increase daily unemployment benefits from BGN 7.2 to BGN 9 and to slate an additional BGN 5 M for illness prevention and medical treatment of workers were also rejected by the majority.

In 2014, along with upping the minimum monthly wage to BGN 340 in 2014, the State assistance for taking care of small children (from the age of 1 to the age of 2) will also go up to BGN 340.

The assistance for newborns will be calculated on the base of the mother's income in the last 18 months, not 2 years, as it was before.

The maximum income to determine social benefits is going to be BGN 2 400 starting January 2014. It was BGN 2 200.

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Tags: minimun, Retirement age, years of service, retirement pensions, NOI, National Social Security Institute, GERB


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