The 2020 State Social Security Budget - Adopted

Business » FINANCE | December 5, 2019, Thursday // 13:28| Views: | Comments: 0
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On December 4, the MPs conclusively adopted the State Social Security budget for next year. The minimum pension from July 1 next year will be BGN 250 and the maximum pension will be BGN 1200.

The budget envisages an increase of the minimum wage to BGN 610 from January 1, 2020. From then on, wages in the budget sector will increase by 10%, teachers’pay will go up by 17.5% and social workers’ by 15%.

The social budget envisages an increase of all pensions since July 1 by 6.7%. The minimum pension will go up to the size of BGN 250. Currently it is BGN 219.43. The minimum social pension for old age will increase to 141.63 BGN. The maximum pension or the so-called ceiling is maintained at the level of BGN 1200.

The minimum monthly amount of the insurable earnings goes up to BGN 610, which is the size of the minimum wage in the country. The minimum monthly amount of insurable earnings for farmers will be 420 BGN. The maximum monthly amount of insurable earnings remains at the level of BGN 3000.

The poverty line next year will be BGN 363 per month, BNT reported.

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Tags: State Social Security budget, adopted, MPs
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