Bulgaria's NSSI's Budget Approved at First Reading, Pensions Up by 2.4%

Business » FINANCE | November 17, 2016, Thursday // 16:30
Bulgaria: Bulgaria's NSSI's Budget Approved at First Reading, Pensions Up by 2.4% BGNES

The budget of the National Social Security Institute (NSSI) was adopted at first reading by Parliament.

77 of the 133 MPs present voted “for”. 19 of BSP deputies and 10 of DPS deputies were “against”. The Patriotic Front, who were “against” the draft budget during the debates, finally abstained excluding one.

According to the draft for the State Social Security (DOO) the amount of the installment for the Pensions Fund will be increased to 18.8% for people born before January 1, 1960 – 10.5% will be paid by the employer and 8.3% by the employee.

For people born after December 31, 1959, the proposed amount of social security contributions for the state Pensions Fund is 13.8%

The maximum social security income remains BGN 2,600.

As of January 1, 2017, the percentage for every year of social security length of service in the pension formula will increase from 1.1 to 1.126. Thus, as of July 1, 2017 pensions will increase by 2.4%.

As of July 1, the minimum pension for age and length of service will increase to BGN 165.25. The average pension is expected to reach BGN 341 in 2017.

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Tags: NSSI, budget, pensions, income
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