Finance Minister Warns Against Low-Wage Segregation in Bulgaria amid Minimum Wage Debate

Society | November 22, 2023, Wednesday // 08:51
Bulgaria: Finance Minister Warns Against Low-Wage Segregation in Bulgaria amid Minimum Wage Debate Asen Vassilev

At the National Council for Tripartite Cooperation meeting, Finance Minister Assen Vassilev highlighted Bulgaria's minimum wage standing at BGN 933 (EUR 477.04), emphasizing its positioning at the bottom among Balkan nations. Vassilev referenced higher minimum wages in neighboring countries like Montenegro (532 euros), North Macedonia (483 euros), and Serbia (547 euros), underscoring the disparity.

Expressing concern, Vassilev stressed the country's obligation to prevent the emergence of low-wage enclaves, emphasizing the potential repercussions, such as declining work quality and neglected regions, akin to phenomena witnessed in more developed nations.

He outlined budgetary objectives, advocating for sustained pension increments without altering tax rates, while projecting a 3% deficit compliant with Maastricht criteria for Eurozone accession.

However, the discussions failed to yield consensus on the budgets of the National Health Insurance Fund and the State Social Insurance Fund. Additionally, unanimity wasn't achieved concerning the 2024 state budget. Minister Vassilev aimed for finalizing the budget by December 22, emphasizing the need for prompt resolution on these financial matters.

These discussions spotlight Bulgaria's economic considerations, particularly regarding minimum wage disparities and the imperative to safeguard against socioeconomic imbalances.

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Tags: finance minister, minimum wage, Bulgaria, Vassilev

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