Totyu Mladenov, Bulgaria's Minister of Labor and Social Policy, has vowed that the minimum monthly wage will go up from BGN 290 to BGN 310 as of January 1, 2013.

Speaking Monday in the Black Sea coastal city of Burgas, Mladenov noted that the increase in the minimum monthly wage would amount to BGN 70 for the entire term in office of the GERB government.

He reminded that the previous three-way coalition government had managed a minimum wage increase of BGN 80 in the period 2005-2009 at triple the current inflation rate.

Mladenov informed that the parameters of the social security budgets and the state budget would become clear by the end of the month, with an increase of 8-10% expected.

He added that the Finance Ministry and the National Social Security Institute were making the calculations and assured that all pensions would increase in 2013.

"A meeting of the Tripartite Council will be held by the end of the month to discuss all parameters. The increase in pensions will by all means compensate for the inflation of the past three years," the Labor Minister declared.

"The emphasis next year will be on better employment and better incomes," he pointed out.

At present, the maximum insurable income in Bulgaria stands at BGN 2000, while the maximum pension is 35% of it, or BGN 700.

Mladenov visited Burgas Monday to open the school year at the Nadezhda community center for early child development and parent support.

Bulgaria's Finance Minister Simeon Djankov announced earlier that the planned increase in pensions would enter into force much earlier than July 2013.

He made clear that the increase would require amendments to the Social Security Code.

At the end of last week Djankov assured that the money for the minimum wage increase to BGN 310 had been found, as well as the sum of BGN 600 M required by trade unions for schools and teachers' salaries.

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