Sofia Seeks Examples of Successful Pension System Reforms

Politics | February 10, 2005, Thursday // 00:00
Sofia Seeks Examples of Successful Pension System Reforms Bulgaria’s Social Minister Hristina Hristova (L) and Belgium’s Ambassador to Sofia Philippe Beke (R) were among the participants in the Sofia-based forum for pension system modernization. Photo by Yuliana Nikolova (Sofia News Agency)

A special Bulgarian-Belgian forum on pension systems and international practice in that field was inaugurated in Sofia on Thursday.

Bulgaria's Finance Minister Milen Velchev and Social Minister Hristina Hristova as well as Belgium's Ambassador to Bulgaria Philippe Beke and representatives of Belgium's Social Ministry discussed the successful international experience in that field.

Some of the Belgian experts presented the so-called "silver fund" explaining that in Belgium 100 working people are providing for 100 retired people. The aim of the special fund is to retain pensions at the same level without boosting payments.

The discussion aimed at proving Bulgaria's authorities with ideas and projects for the upcoming reforms in the pension system in the country. Bulgaria is to modernize its pension system before joining the European Union in 2007, Minister Velchev underlined.

Private pension funds are providing social security for more than 2,716,366 thus becoming major institutional investors in Bulgaria, Velchev commented.

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