Proposal for an 11% Increase in Pensions in Bulgaria: Minister's Initiative

Society | May 13, 2024, Monday // 12:21
Bulgaria: Proposal for an 11% Increase in Pensions in Bulgaria: Minister's Initiative @Pixabay

Acting Minister of Labor and Social Policy Ivaylo Ivanov has suggested to the Supervisory Board of the National Insurance Institute (NII) that pensions granted until the end of last year be increased by 11% starting from July 1st.

In his statement to BNR, Ivanov referred to the Swiss rule, which typically calculates updates at 10% due to lower-than-expected inflation. However, he emphasized that the budget for the current year has earmarked an 11% growth, which he intends to adhere to.

"I will propose an 11% increase, in line with the State Social Security Budget. This decision falls within my authority, and I intend to exercise it. Each member of the NII Supervisory Board holds the same prerogative. This situation echoes what occurred on July 1, 2021, when parameters fell below budget expectations. At that time, the Supervisory Board unanimously decided, in the interest of pensioners, to support the proposal put forth by the then acting Minister of Social Affairs," he clarified.

Ivanov stressed that there is no necessity for an extraordinary session of the National Assembly to address pension indexation, dismissing it as a topic exploited by political parties during election campaigns.

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