Bulgaria Govt Mulls 2 Percentage Points Hike in Social Security Burden

Bulgaria Govt Mulls 2 Percentage Points Hike in Social Security Burden

Bulgarian employers and trade unions have proposed an increase in social contributions payments by 2 percentage points as of next year, the finance minister announced on Sunday following their meeting.

The parties agreed that the number of years people had to work before drawing a full pension will start to progressively increase as of 2015 at the earliest, Simeon Dyankov said without citing concrete figures.

"We should first make our calculations to make sure that the proposed increase will be sufficient for the planned revenues to the budget," he added.

The unofficial negotiations will continue on Tuesday.

Bulgaria's government backtracked on Friday on plans to increase social contributions payments by 3 percentage points as of next year to 31.5% in the face of strong resistance.

An overwhelming majority of Bulgarian employers - a whopping 95% - have taken a firm stand against the government's plans for an increase in social contributions payments, a survey shows.

The managers recommend that the government boosts revenues to the budget by cuts in the state administration, sale of state-owned stakes in enterprises, emission trading and concessions.

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