Minimum Wage in Bulgaria Increases to BGN 420

Business | January 1, 2016, Friday // 11:42
Bulgaria: Minimum Wage in Bulgaria Increases to BGN 420

With the beginning of the new year, the minimum wage in Bulgaria increases to BGN 420.

The government expects that the increase will stimulate job seekers and ensure that people employed at the minimum wage will be able to better satisfy their needs.

The increase is also aimed at reducing the number of working poor and to generate more dynamic economic processes and domestic consumption.

The minimum wage is set to increase by another BGN 40 in 2017.

The minimum hourly salary becomes BGN 2.5 for an eight-hour working day and five-day working week.

Changes to the age and work experience required for retirement also enter into force on January 1.

Women will be able to retire at the age of 60 years and ten months, while men will do so at the age of 63 years and ten months.

The work experience necessary for retirement also increases with two months, with women required to have 35 years and two months, while the work experience required for men rises to 38 years and two months.

Despite the protests against the rise in the price of vignette stickers, the new prices enter into force on January 1.

The annual sticker for cars increases to BGN 97, the monthly one becomes BGN 30, while the weekly vignette rises to BGN 15.

The price of natural gas decreases by 2.32 % as was adopted by the Energy and Water Regulatory Commission (KEVR) on Wednesday.

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Tags: Bulgaria, minimum wage, Retirement, vignette stickers, price, natural gas, KEVR
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