Almost 50% of Bulgarians Retire Early – Economist

Business | May 9, 2014, Friday // 12:25
Bulgaria: Almost 50% of Bulgarians Retire Early – Economist Economist Vladimir Karolev. Photo by BGNES.

A total of 42% of Bulgarians retire early, while the numbers in the rest of Europe are down to 27%.

There are several reasons for such early retirement, the main one being the low salaries and pensions in Bulgaria, economist Vladimir Karolev told Nova TV, Friday.

Karolev pointed out that during the period 1990 - 1997 the country was in economic decline, lacking legal reforms, while there were conditions for hyperinflation.

Bulgaria launched a pension reform in 2000, until then only half-way measures have been introduced, the economist explained.

According to Karolev, in 1990 Bulgarians received pensions for an average of 16 years, and in 2013 the number went up to 21 years, which means that people now live longer. Employees in Bulgaria work for 31 years in comparison to 40 years in high-income countries.

The solution of the problem lies in the increase of length of service for the military, and police who retire early, Karolev said.

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Tags: early retirement, pensions, hyperinflation, Vladimir Karolev, pension reform
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