Consultations on Bulgaria's Pension Reform Continue

Bulgarian Deputy Prime Minister and Minister of Labour and Social Policy Ivaylo Kalfin. Photo: BGNES/EPA

The second round of consultations on the parameters of Bulgaria's pension reform will take place on Tuesday.

Several new ideas emerged after the initiation of the consultations a week ago, electronic daily Dnevnik reports.

The proposal of the Ministry of Labour and Social Policy, which was presented during the first round of consultations, provides for a gradual increase in the age and work experience required for retirement.

The proposal foresees the social insurance contributions to increase with a total of 4.5 % over the next 12 years.

Bulgaria's Deputy Prime Minister and Minister of Labour and Socialy Policy Ivaylo Kalfin calculated that this increase will amount to BGN 3 a month.

Meanwhile, the Finance Ministry published a proposal reversing the controversial amendments to pension insurance, which had been adopted at the end of 2014.

The proposal provides insured persons with the right to transfer their contributions back and forth between the private pension funds and the State Social Insurance Institute (NOI) once a year.

The oppositional Bulgarian Socialist Party (BSP) presented its own proposal for a reform to the sector on Sunday, which centers on freezing the age and work experience required for retirement.

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