Bulgarian Head Economy MP: No Money to Up All Pensions

Business » FINANCE | November 13, 2011, Sunday // 14:19
Bulgarian Economy Head MP: No Money to Up All Pensions: Bulgarian Head Economy MP: No Money to Up All Pensions The Chair of the Parliamentary Economy Committee, GERB MP, Menda Stoyanova, says the revenue part of budget 2012 has been calculated based on conservative estimates and a 1% growth. Photo by BGNES

In order to increase all retirement pensions in Bulgaria by 10%, the cabinet needs about BGN 1 B, and under the current state of economy such funds cannot be secured.

The statement was made Sunday by the Chair of the Parliamentary Economy Committee, Menda Stoyanova, from the ruling, center-right Citizens for European Development of Bulgaria party (GERB), who spoke in an interview for the Bulgarian National Radio, BNR.

According to the GERB Member of the Parliament, the revenue part of budget 2012 has been calculated based on conservative estimates and a 1% growth.

Meanwhile, also speaking for BNR, the Chair of the Bulgarian Industrial Association (BIA), Bozhidar Danev, stressed budget 2012 is too cautious, without funds for the long-awaited electronic government and without clear spending goals for different ministries.

"The budget's goal is super financial stability, but we fail to see the ministries' goals on what they will achieve with their funding. We do see that in reality funds for State structures have not been reduced," Danev said.

According to the BIA Head, the only way the stabilize the budget of the National Social Security Institute (NOI) is the simultaneous gradual increase of both retirement age and required years of service for social security payments.

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Tags: NOI, social security, age, pensions, Retirement, Bozhidar Danev, BIA, growth, budget 2012, revenue, Menda Stoyanova, MP, GERB, parliamentary economy committee, electronic government

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