Minimum Wage in Bulgaria Increases to BGN 360

Business | January 1, 2015, Thursday // 11:24| Views: | Comments: 0
Bulgaria: Minimum Wage in Bulgaria Increases to BGN 360 Photo by EPA/BGNES

As of January 1, 2015, the minimum monthly wage in Bulgaria becomes BGN 360, up by BGN 20.

The minimum monthly wage is to increase to BGN 380 as of July 1, with an increase in pension rates under the Swiss indexation rule scheduled to take effect as of the same date.

The indexation is by 1.9%, meaning that a pension of BGN 200 will go up by less than BGN 4, according to reports of the Bulgarian National Radio.

The retirement age in 2015 remains unchanged from 2014, but the years of service increase by 4 months for employees of the most common third category of labor.

Tax rates remain unchanged except for the expansion of the scope of the tax on interest earned on bank deposits.
The tax, at 8%, will be levied on all deposits, and not only fixed-term, ones, as it was in 2014.

As of January 1, 2015, the maximum insurable earnings increase by BGN 200 to BGN 2600.

At the same time, the minimum insurable earnings for agricultural producers increase from BGN 240 to BGN 300.

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Tags: minimum wage, Retirement age, pensions
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