Bulgaria: Pensions Recalculated from Christmas, the Minimum is raised to BGN 370
The minimum pension will increase from BGN 300 to BGN 370, and the maximum - from BGN 1,440 to BGN 1,500 as of December 25, the National Social Security Institute announced. They reminded that from this date important changes in the pension legislation come into force, according to which the amount of labor pensions will be calculated with a higher weight of the insurance period.
The changes envisage that from December 25, 2021, the burden will increase from 1.2 to 1.35 percent for each year of insurance service without conversion.
For pensioners who have insurance length of service under the conditions of the first and / or second category of work, the difference between their total length of service converted to the third category of work and their length of service without conversion continues to participate in determining the amount of pension by 1 , 2 per 100 for each year of insurance experience and the respective proportional part of this percentage - for the months of insurance experience.
In order to ensure equality of pensioners, as of December 25, 2021, the NSSI will recalculate ex officio more than 2,000,000 pensions and allowances (including pensions for length of service and age, disability pensions, survivors 'pensions and widows' allowances) with a starting date of December 24, 2021, inclusive, and in this recalculation the higher weight will be applied for each year and month of insurance without conversion.
Individuals will start receiving the recalculated amounts of their pensions with the regular monthly payment for January 2022, and the difference between their old and new amounts for the seven days from December 25 to 31, 2021 will be paid to them.
With the forthcoming changes, the pensioners who receive the minimum amount of the respective type of pension will reach 1,044,000 compared to 892,000 at the moment, according to the National Social Security Institute.
Pensioners whose pensions are limited to the so-called "ceiling" of pensions will increase from about 27,500 to over 34,000.
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