Bulgarian Retirees Begin Receiving Updated Pensions

Business » FINANCE | April 8, 2013, Monday // 10:34
Bulgarian Retirees Begin Receiving Updated Pensions: Bulgarian Retirees Begin Receiving Updated Pensions The modest monthly pension increase of up to 9% on average is affecting about 2.2 million Bulgaria retirees. File photo

Starting Monday, Bulgarian retirees are receiving their new, increased monthly pensions.

The modest increase of up to 9% on average is affecting about 2.2 million Bulgaria retirees.

According to estimates, made by the country's National Social Security Institute, NOI, the average increase of retirement pensions in Bulgaria will be between BGN 5 and BGN 22 a month, while the minimum monthly pension is being upped to BGN 150.

The increase also depends on the retirement year – for those who retired before January 1, 2009, it is 9.8%; for those who retired in 2010 – 8.8%; in 2011 – 5.7%; in 2012 – 2.2%.

The pensions for disabilities, work related incidents and illnesses are being formed in the same way.

Those who retired after January 1, 2013, would not get an increase. With the update, the percentage of poor retirees, receiving less than BGN 200 a month, would go down to 30%.

Anyone can check with the local NOI office to find out how their pension has been formed. The service is free of charge, while those who disagree with the new amount have 3 months to file a claim.

It was reported last Friday that the Association of Retired People in Bulgaria is threatening to sue the country in the European Court in Luxembourg.

The retirees are outraged by the fact the majority of them receive a monthly pension of BGN 200, which is below the official poverty line of BGN 236, set by the National Statistics Institute.

In addition, the new thresholds could become a hurdle for the so-called one-time energy assistance for the most disadvantaged as they will increase their income slightly above the one that would qualify them.

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Tags: three-way council, NOI, National Social Security Institute, minimum monthly pension, retirement pensions, increase, European Court in Luxembourg, retirees, monthly pension, poverty line, National Statistics Institute, Association of Retired People in Bulgaria, claim
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