Finance Ministry Foresees Increasing Minimum Wage to BGN 510 From Jan 2018

Business » FINANCE | May 12, 2017, Friday // 18:33
Bulgaria: Finance Ministry Foresees Increasing Minimum Wage to BGN 510 From Jan 2018

The government foresees increasing the minimum wage from BGN 460 to BGN 510 as of January 1, 2018, to BGN 560 as of January 1, 2019 and to BGN 610 as of January 1, 2020. This is part of the mid-term budget forecast for 2018-2020, the Finance Ministry said.

Key targets remain fiscal stability, removing macroeconomic unbalances and conducting consistent, transparent and foreseeable fiscal policy to improve business environment, encourage investments and stimulate labour market for achieving economic growth and employment.

Deficit in the consolidated fiscal programme for 2018 and 2019 remains, respectively, 1% and 0.5% of GDP.

For 2020, the government plans a balanced budget. Revenue is expected to stand at 36.5-36.6% of GDP, while financing of public expenditure policies will range from 37.5% of GDP in 2018 to 36.5% of GDP in 2020. The government does not plan significant tax changes.

Considering net debt financing in 2018-2020, debt-to-GDP ratio is expected to decrease to 22.3% by the end of the period, mainly due to repayment of outstanding debt.

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Tags: balanced budget, wage, Finance Ministry, revenue, GDP
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