Bulgaria Mulls Raising Minimum Wage in 2015

Politics » DOMESTIC | August 18, 2014, Monday // 11:58| Views: 1390 | Comments: 0
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Bulgaria: Bulgaria Mulls Raising Minimum Wage in 2015 Yordan Hristoskov, Minister of Labor and Social Policy in the caretaket government of PM Georgi Bliznashki. Photo by BGNES

Bulgaria's Ministry of Labor and Social Policy will propose an increase in the minimum wage in 2015, according to caretaker Minister Yordan Hristoskov.

In an interview for Trud daily, Hristoskov said he backed the automatic mechanism for the calculation of the increase in the minimum income guaranteed by the state.

He argued that the calculations had to be based on criteria such as macroeconomic indicators and labour productivity growth.

As regards the talks with trade unions and employers' associations on reform of the social security system, he said that his team would draft a number of scenarios for pension system reform.

Hristoskov claimed that the general principle which would be used in the creation of the reform proposals would be a striving to apply automatic mechanisms whenever possible.

He went on to argue that the application of automatic mechanisms made the social security system less dependent on ad hoc political decisions and it also enhanced predictability.

Hristoskov also called for an automatic mechanism for calculating the increase in the maximum insurable earnings and pledged to provide pension ceiling options.

He said that an all of the issues which were on the agenda would be addressed by providing several options accompanies by short-term, medium-term and long-term cost estimates.

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Tags: Yordan Hristoskov, Minister of Labor and Social Policy, Ministry of Labor and Social Policy, minimum wage, pension reform, social security contributions
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