As of July 1 2020 - 6.7% Rise in All Pensions

Business » FINANCE | November 1, 2019, Friday // 16:29| Views: | Comments: 0
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The government has approved the bill on 2020 state social security budget, the government press office reported. The bill envisages increase in pensions by 6.7% as of 1 July next year. The average pension will reach BGN 412.28, which is BGN 31 more compared to 2019.

As of 1 July 2020, the minimum retirement pension will increase from BGN 219.43 to BGN 234.13. From the same date, the old-age social pension will increase to BGN 141.63.

The maximum amount of one or more pensions that a person can receive is maintained at the level reached in 2019, BGN 1,200. This amount will apply to all pensions, regardless of when they have been granted.

It is estimated that in 2020 the average contribution basis will reach BGN 1,063, an increase of 7.8% compared to this year. The average annual number of insured persons is expected to increase to 2.796 million.

In 2020, BGN 10.576 billion have been allocated for pensions – BGN 729.1 million more than the expected expenses for this year. The minimum contribution basis for self-employed persons will increase from BGN 560 to BGN 610, and for farmers from BGN 400 to BGN 610. The maximum contribution basis is maintained at BGN 3,000.

The bill also proposes changes to the Social Security Code related to the implementation of the state social insurance budget, as well as some amendments that detail provisions on insured persons’ rights.

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