Retirement Pensions in Bulgaria to Go Up 3% in 2014

Business » FINANCE | November 26, 2013, Tuesday // 14:36
Retirement Pensions in Bulgaria to Go Up 3% in 2014: Retirement Pensions in Bulgaria to Go Up 3% in 2014 Bulgarian lawmakers froze Tuesday the minimum retirement age and years of service to the 2013 levels, file photo

Bulgarian lawmakers adopted at second reading Tuesday the budget of the National Social Security Institute (NOI).

The new budget of NOI provides for an update of retirement pensions in June 2014 with an increase of 3% of all pensions and upping the pension ceiling from BGN 770 to BGN 840 over the increase of the maximum insurable earnings. In July 2014, the lowest pension will be BGN 154.5, compared to the current BGN 150.

The minimum retirement age and years of service keep their 2013 levels – 60.8 years of age and 34.8 years of service for men and 63.8 and 37.8, respectively for women.

MPs from the opposition formerly-ruling Citizens for European Development of Bulgaria party, GERB, reiterated that the freeze of retirement age and years of service increases NOI's expenditures and condemns retirees to poverty.

Their proposals to increase daily unemployment benefits from BGN 7.2 to BGN 9 and to slate an additional BGN 5 M for illness prevention and medical treatment of workers were also rejected by the majority.

In 2014, along with upping the minimum monthly wage to BGN 340 in 2014, the State assistance for taking care of small children (from the age of 1 to the age of 2) will also go up to BGN 340.

The assistance for newborns will be calculated on the base of the mother's income in the last 18 months, not 2 years, as it was before.

The maximum income to determine social benefits is going to be BGN 2 400 starting January 2014. It was BGN 2 200.

We need your support so Novinite.com can keep delivering news and information about Bulgaria! Thank you!

Finance » Be a reporter: Write and send your article
Tags: minimun, Retirement age, years of service, retirement pensions, NOI, National Social Security Institute, GERB
Advertisement
Advertisement
Expats.bg All Are Welcome! Join Now!
Bulgaria news Novinite.com (Sofia News Agency - www.sofianewsagency.com) is unique with being a real time news provider in English that informs its readers about the latest Bulgarian news. The editorial staff also publishes a daily online newspaper "Sofia Morning News." Novinite.com (Sofia News Agency - www.sofianewsagency.com) and Sofia Morning News publish the latest economic, political and cultural news that take place in Bulgaria. Foreign media analysis on Bulgaria and World News in Brief are also part of the web site and the online newspaper. News Bulgaria