Bulgaria: The Minimum Salary will be over EUR 350

Finance | January 14, 2022, Friday // 13:35|  views

There is a debate about the amount of the minimum wage, it will increase significantly from the current BGN 650 and will be over BGN 700 (EUR 350). This was said by the Minister of Labor and Social Policy Georgi Gokov in an interview for BNT.

Gokov stressed that there is no mistake in recalculating the pensions of the National Social Security Institute on December 25, 2021. According to him, due to political talk and the decision of the 46th National Assembly to grant a covid supplement of BGN 120 for October, November and December were left with unrealistic expectations.

Bulgaria: After Recalculations, Pensions have not been Lowered, only the Covid Supplement

"There is no pensioner in Bulgaria who has received a lower pension than in December. All pensions were increased by an average of 12.5%. The minimum pension increased from BGN 300 to BGN 370 - by just over 23%, the maximum - from BGN 1,440. BGN 1,500," said Minister Gokov.

He reminded that the poverty line for 2022 is BGN 413 and pointed out that its amount is to be increased to about BGN 450. "There can be no justice if a little over half of pensioners take the minimum pension without taking into account their insurance contribution. People cannot live on incomes below the poverty line," the minister said.

Unless another political decision is made by the coalition council of the ruling parties by the end of June, pensions must be updated under Swiss rule from 1 July. "Preliminary estimates show that this will lead to an increase of at least 6.1%," said Georgi Gokov. He stressed that complex decisions are ahead, which must be made in a short time.

"If these decisions are not made, people will have higher pensions in July but will receive lower payments. I want pensions to be recalculated with more up-to-date insurance income. This will not lead to an increase in all pensions but in this way we will overcome the differences between old and new pensions, which irritate people," he stressed.

Minister Gokov reminded that all vaccinated pensioners, regardless of their age, have the right to receive a one-time supplement of BGN 75. He added that he has an assurance from the Minister of Finance that the state and state social security budgets will be ready by the end of January, which will enable the National Assembly to adopt them by the end of February.


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Tags: pensions, wage, salary, Bulgaria, minimum, BGN, gokov


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