Bulgaria Unveils Plans to Increase Retirement Age, Pension Insurance Payments

Politics » DOMESTIC | March 31, 2015, Tuesday // 16:08
Bulgaria: Bulgaria Unveils Plans to Increase Retirement Age, Pension Insurance Payments Photo: BGNES

The pension reform proposals made by ministers of the second term of office of PM Boiko Borisov was presented at a news conference Tuesday.

Bulgarian Parliament will additionally vote on the proposals, envisioning gradual increase of both the minimum retirement age and of pension insurance installments, OFF News reported.

Deputy PM and Social Minister Ivaylo Kalfin and the Finance Minister Vladislav Goranov were also present and clarified several points in the draft document.

According to the new project, pension insurance installments will increase over the next 12 years by a cumulative of 0.7% annually, thus reaching a total of 4.5% over the period as compared to this year's values.

Retirement age will grow gradually as well, reaching 65 years for both men and women. Men will be obliged to have at least 40 years of employment and women - 37 if they wish to retire.

There will be a minimum retirement age regulated by law for employees of the Ministry of the Interior, The State agency for National Security, and the Ministry of Defense.

Meanwhile, PM Boiko Borisov noted that the work of Social Minister Kalfin has been excellent. He added that even if the leftist party ABV withdraws its support and there are new elections, the results will be the same, so there would be no point in them.   

We need your support so Novinite.com can keep delivering news and information about Bulgaria! Thank you!

Domestic » Be a reporter: Write and send your article
Tags: Bulgaria, pension, reform, proposals, Boiko Borisov, Ivaylo Kalfin, Vladislav Goranov, installment, insurance
Advertisement
Advertisement
Expats.bg All Are Welcome! Join Now!
Bulgaria news Novinite.com (Sofia News Agency - www.sofianewsagency.com) is unique with being a real time news provider in English that informs its readers about the latest Bulgarian news. The editorial staff also publishes a daily online newspaper "Sofia Morning News." Novinite.com (Sofia News Agency - www.sofianewsagency.com) and Sofia Morning News publish the latest economic, political and cultural news that take place in Bulgaria. Foreign media analysis on Bulgaria and World News in Brief are also part of the web site and the online newspaper. News Bulgaria