780 Leva (BGN) or 400 Euros will be the minimum wage in Bulgaria from January 1, 2023. The caretaker government adopted the decree to determine the amount of the lowest remuneration.

Deputy Prime Minister Lazar Lazarov announced that the increase on an annual basis is 20 percent and fully covers the annual increase in the cost of living. On the other hand, the increase of BGN 70 will not affect inflation in the country.

"We claim that with this amount of the minimum wage, it will not be generated and will not have a significant impact on inflationary processes, but it has a compensatory function, so that the minimum wage can fulfill its two functions - economic, as the main a measure of the lowest wage in an economy, and a social one - to provide opportunities for those receiving it to cover their basic life needs", comments Lazar Lazarov.

A little over BGN 300 million will be the net effect for the budget for the whole year, according to the calculations.

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/BNR