Quarter of Bulgaria's Retired People Live on Minimum Pension
Nearly a quarter of Bulgaria's retirned people live on a pension equal to or even below the national minimum, data from the National Social Security Institute shows.
The public institute is in charge of managing the state social security in Bulgaria.
There are 2.177 million pensioners in Bulgaria as of February 2016. Of them, 520 000, or 23.9% can count on up to BGN 157.4 (EUR 78) a month.
The sum above is equal to the minimum pension in Bulgaria for 2016. Of people falling in the first category, three percent (65 000) get up to BGN 118 a month. Another 13.5% live on BGN 134-157 on a monthly basis.
Those earning BGN 200-250 a month and those with BGN 200-250 constitute 14.5% and 13.5% of the number of pensioners, respectively. Ten percent get between BGN 250 and 300 monthly.
Some 2.8 percent of pensioners earn a pension of between BGN 800 and the maximum of BGN 910.
Pensions, last year worth a total of BGN 8.445 B, usually make up a substantial part of Bulgaria's state budget.
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Not all pensioners are retired and incapable, and the other option is equity release, which means releasing the home ownership for a lump sum or additional payments on top of their pension. Obviously some people are in a difficult period, the same as anywhere and people of differing stages of their lives. People in the UK on the smallest pension don't have a fantastic existence either....
It's not all that bad, living costs are still low and the urban centres have shown good economic signals, especially Sofia, Varna and Burgas. The country should concentrate on it's growing city economies and the increase in tax flows will help alleviate poverty, already you can see the plans in that direction, the rural areas are becoming little more than ethnographic museums, increasingly large farms and tourist activities taking over.