The Bulgarian government and trade unions agreed that there will not be an increase of the retirement age in 2015, while a long-term solution to the components of the pension reform should be reached until March 31 next year.

These provisions have been laid out in the memorandum of understanding that was signed by the government and trade unions in the building of the Council of Ministers on Sunday.

The memorandum provides for the introduction of a minimum retirement age for all categories of insured persons in 2015.

The government and trade unions also agreed on criminalising social insurance fraud, such as the concealment of social insurance contributions, as well as taking measures on increasing the collection of public sector receipts.

From 2015 insured persons will have the right of free choice for the early pension insurance regime – either through State Social Insurance or professional pension funds, while maintaining the present conditions for early retirement.

The right of free choice for people born after 31 December 1959 will be also introduced next year.

They will have the choice to insure themselves compulsory for an additional pension at an universal pension fund or opt for pension for life through the State Social Insurance.