Christmas Benefits: 2/3 Employers in Bulgaria Grant Holiday Bonuses

A recent survey sheds light on the evolving trends in Christmas bonuses among Bulgarian employers, indicating a shift in their approach towards year-end rewards.

Reportedly, about two-thirds of Bulgarian employers traditionally extend Christmas bonuses to their workforce. However, there has been a slight dip of approximately 4% in the number of companies financially capable of providing these bonuses compared to the previous year, according to the survey findings.

While the practice of Christmas bonuses persists, a notable change is emerging in the way employers perceive fringe benefits. The survey notes a significant increase in companies offering bonuses alongside regular salaries throughout the year. This strategy aims to motivate and retain employees, with the proportion of such companies rising from 43% to 52%.

The additional monetary incentives beyond salaries are increasingly viewed as instrumental in retaining a competent workforce, particularly in the competitive labor market.

Despite the prevalent tradition of Christmas bonuses, the survey reveals a 12% decrease in the number of companies intending to provide such bonuses this year. The reasoning behind this decline is multifaceted. Some attribute it to the impending hike in the minimum wage from January 2024, which is anticipated to escalate the financial burden on companies for staff remuneration.

Other factors contributing to the reduced bonuses include economic conditions in the country and incremental wage increases throughout the year, as per the survey participants.

The comprehensive survey, conducted between December 15 and 18, encompassed insights from 162 companies across service, production, and trade sectors.

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