Pensions are Going up 3.8 % from July 1 Next Year
From July 1, 2018, all pensions will be increased by 3.8%, Social Minister Biser Petkov announced to bTV. The percentage is set by the golden Swiss rule, which accounts for half of the rise in insurance income and inflation. This means that the average pension, which is now 350 leva, will grow by 13-14 leva, Petkov calculated, quoted by Dnevnik. From 1 October this year the minimum pension is 200 leva. The Minister pointed out that this decision of Cabinet affects 824,000 pensioners or 40% of all.
The average increase is BGN 16.67. The minimum disability pension with 90% loss of working capacity will be BGN 230, there will be an increase of widow's supplements. The Minister stressed that with the 1 July increase the total growth of minimum pensions for the year and the related payments is 25%. New pensions will be paid out on October 9, because October 7th is Saturday.
As of January 1, 2019, the ceiling of new pensions will be dropped by law, Petkov said. The reason is that their calculation will no longer take the three best years from the last 15 before 1997. While this rule exists, pensions are being made in very large proportions because of the large fluctuations in earnings in the early 1990s, he said. In the future, the pension will depend entirely on the social security contribution.
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