Bulgaria MPs Move to Hike Maximum Insurable Earnings

Politics » DOMESTIC | December 19, 2014, Friday // 19:18
Bulgaria: Bulgaria MPs Move to Hike Maximum Insurable Earnings

Lawmakers have moved to increase maximum insurable earnings to BGN 2600 M, up from 2400 M envisaged in the current legislation.

Their decision follows hours of debates, motions and dubious signals in the plenary hall, with the main ruling party GERB first submitting a proposal to keep the current threshold in force and then withdrawing it after Parliament Speaker Tsetska Tsacheva said maintaining the current level would constitute a "procedural violation".

Maximum insurable earnings are the upper threshold which could serve as a base of insurance contributions, with pensions of employees earning higher salaries being calculated according to that sum.

The entire voting procedure was accompanied by what members of Parliament described as "violations", and a number of Bulgarian media outlets called the motion "a gaffe."

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Tags: Tsetska Tsacheva, GERB

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