From July 1, the Purchasing Power of Pensioners in Bulgaria Should Increase

Politics » DOMESTIC | June 12, 2019, Wednesday // 14:33
Bulgaria: From July 1, the Purchasing Power of Pensioners in Bulgaria Should Increase

From 1 July, the purchasing power of pensioners will increase due to the modernization of pensions with a record 5.7%. This was calculated by the Minister of Labor and Social Policy, Bisera Petkov, before Nova TV.


Last year the increase was 3.8%, and it was significantly higher this year, the minister said, recalling that the increase is based on a formula that includes half of the projected inflation for the year and half of the rise in insurance income. This year, the expected inflation is 3%, which means that the increase compensates for the loss of purchasing power and actually gives boost, he commented, adding that in absolute terms the increase may seem insufficient.


The minimum retirement pension will increase from BGN 207.6 to BGN 219.43 and the average amount of BGN 360 will increase by BGN 23-24.


From July 1, 41,000 people, limited by the ceiling, will receive their pensions in real terms, Petkov said. The reason is that the pension ceiling rises from BGN 910 to BGN 1,200.

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

Advertisement
Advertisement
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