Social Minister: The Pension System will be Stable until 2040

Politics » DOMESTIC | August 21, 2017, Monday // 12:02
Bulgaria: Social Minister: The Pension System will be Stable until 2040 Source:

The analyzes show that the pension system will be stable by 2040, but then reform will be needed to avoid a crisis, announced Social Minister Bisser Petkov on bTV on Monday.

He reminded that by 2037 the service and retirement age will gradually increase and then they will catch up with men and women. "Access to the system will be more and more difficult," the minister said. Biser Petkov also said that the current stability of the pension system is due to the reforms made in 2015. However, the next reform will be needed because of the shift in proportions between those who are working working and those who are receiving pensions. Now, for three employees, one pensioner is in the labor force, whereas in 2040 fewer than two workers will have to fund the retirement pension. Regarding the low unemployment in our country Petkov commented that the main problem of the labor market is the lack of qualified workers. In this regard, measures are taken to prevent dropouts and to encourage mothers to return to work early after birth, the minister said. He reminded that the state has provided BGN 20 million for the "state nanny". Under the plan, this measure should support about 2,000 families. They will be able to apply to hire unemployed people to look after their children for a minimum wage.

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Tags: pension system, stability, social minister comments
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