Bulgaria Unveils Plans to Increase Retirement Age, Pension Insurance Payments

The pension reform proposals made by ministers of the second term of office of PM Boiko Borisov was presented at a news conference Tuesday.

Bulgarian Parliament will additionally vote on the proposals, envisioning gradual increase of both the minimum retirement age and of pension insurance installments, OFF News reported.

Deputy PM and Social Minister Ivaylo Kalfin and the Finance Minister Vladislav Goranov were also present and clarified several points in the draft document.

According to the new project, pension insurance installments will increase over the next 12 years by a cumulative of 0.7% annually, thus reaching a total of 4.5% over the period as compared to this year's values.

Retirement age will grow gradually as well, reaching 65 years for both men and women. Men will be obliged to have at least 40 years of employment and women - 37 if they wish to retire.

There will be a minimum retirement age regulated by law for employees of the Ministry of the Interior, The State agency for National Security, and the Ministry of Defense.

Meanwhile, PM Boiko Borisov noted that the work of Social Minister Kalfin has been excellent. He added that even if the leftist party ABV withdraws its support and there are new elections, the results will be the same, so there would be no point in them.   

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