Retirement Age in Bulgaria to Reach 65 by 2021

Society | April 7, 2014, Monday // 12:34| Views: | Comments: 0
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Bulgaria: Retirement Age in Bulgaria to Reach 65 by 2021

Both men and women in Bulgaria falling under third labor category will retire at age 65 after 2021, according to the updated National Reform Program.

The document has been drafted by experts from Bulgaria's Ministry of Finance and soon will be tabled for discussion, Bulgarian Pressa Daily informs.

Currently, women can retire at 60 years and 8 months in case they have 34 years and 8 months of full service. The age for men is 63 years and 8 months and 37 years and 8 months of work experience.

According to a plan adopted by the cabinet of PM Borisov in 2012, full service and age increased annually by 4 months. In 2014, however, the increase of retirement age was frozen, still the regulation will come into force in 2015 again.

According to the strategy document, the draft which introduces changes to the Social Security Code regarding the pension reform, will be submitted to the Council of Ministers by the end of November 2014.

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