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How Much Social Security Should Rich Bulgarians Pay?
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How can the Bulgarian state force wealthy Bulgarians to pay bigger social security contributions?
Increase the upper earnings limit, this is the way to go. Also this is only one of the tools the state can use to improve the cashflow into the National Insurance Institute.
Under local legislation, Bulgarian citizens pay social security contributions for earnings of up to 2 200 levs per month. There is no additional payment if the monthly income exceeds that sum.
During its pre-election campaign however the Socialist Party promised to push that limit up to 3 100 levs.
If we want fair play, the first step should be to abolish completely the upper limit. The amount of social security contributions should depend on the amount of the monthly income. This is the only way to diversify Bulgarians’ social security costs.
That may sound revolutionary. But if we are to believe Social Affairs Minister Hassan Ademov no issues are taboo, so the government may well consider that option as a reaction to the social and economic crisis Bulgaria is going through.
Before that however legislative changes should be rushed through parliament to crack down on businesses evading social security payments.
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