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Bulgaria to raise state pension

BULGARIA – Bulgaria is set to raise its pension payment to 50 leva (25.7 euros) a month from 46.64 leva as of June.

“The National Social Security Institute’s Supervisory Board has adopted a decree draft, to be discussed and adopted by the Ministers’ Council of the Republic of Bulgaria,” said advisor Ivan Karabashev. “It stipulates, that from June 1, the old age social pension is to be increased from 46.64 leva to 50.00 leva.”

The update is part of an annual review of pension payments, based on prices and national insurance income.

Under Bulgaria’s “Code for the Obligatory Public Insurance” the National Social Security Institute is the body which guarantees pension and benefit rights.

It administers the mandatory insurance programs for disability, old age and survivors' benefits, sickness and maternity, work injuries and occupational diseases as well as collection, control and information services for all obligatory contributions.

Earlier this year the Bulgarian government said that the development of the second and third pillars of the pension system would help “deepen our financial markets”.

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