Bulgaria’s Economic Growth Outpaces Expectations, Inflation to Determine Eurozone Path
In the fourth quarter of 2024, Bulgaria's economy showed a stronger performance than anticipated
How Much Social Security Should Rich Bulgarians Pay?
- Tweet
Send to Kindle
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.
Related Articles:
Bulgaria's Industrial Production Sees Continued Decline in Early 2025
Industrial production in Bulgaria continued to experience a downturn at the start of the year,
EU Court Cracks Down on Hidden Loan Fees, Affecting Bulgaria
In a ruling on February 13, 2025, the EU Court of Justice (CJEU) addressed the issue of transparency in consumer loans, emphasizing that banks must provide clear, complete
Bulgaria Mobilizes to Provide Medical Assistance After Tragic Fire in North Macedonia
Bulgaria has mobilized to assist those affected by the tragic fire at a disco in Kocani, North Macedonia
Severe Material Deprivation Affects One in Five Pensioners in Bulgaria
In Bulgaria, one in five pensioners faces severe material deprivation
Society | March 16, 2025, Sunday // 12:56
Vasil Levski Sofia Airport Honored with 'Best Airport' Award in Europe for 5-15 Million Passengers
"Vasil Levski" Sofia Airport has earned the prestigious title of "Best Airport in Europe with 5 to 15 million passengers" for 2024
A New Vision for Europe's Future: Security, Economy, and the EU-Türkiye Relationship
The upcoming emergency summit of European leaders on Ukraine is not just a crisis response, at the same time it is also a historic opportunity to redefine Europe's economic and political trajectory
EU is the Paper Tiger
In the 1994 Budapest Agreement, Russia, the United States, and Britain promised to secure Ukraine’s independence if Ukraine gave up its nuclear weapons
One Year Since Navalny’s Murder: Putin’s Regime Tightens Its Grip
A year has passed since Alexei Navalny, Russia’s most prominent opposition leader and anti-corruption activist, was murdered in an Arctic penal colony under Vladimir Putin’s regime
New Bulgarian Government Abandons January 1, 2026 Eurozone Entry Bid
The Bulgarian government has effectively abandoned its plan to enter the eurozone on January 1, 2026
Bulgaria Warns: Population Must Brace for Higher Taxes Amid 2025 Budget Crisis
On December 11, the Council of Ministers of Bulgaria approved the draft state budget for 2025
Bulgaria's Governance of State Enterprises Undermines OECD Membership Goals
Bulgaria has made little progress in implementing the recommendations of the Organization for Economic Cooperation and Development (OECD), despite its ambition to join the OECD and its stated intention to align with its corporate governance guidelines.
