Bulgaria's FinMin Mulls Upping Retirement Age

Bulgaria's FinMin Mulls Upping Retirement Age

Now is the time to reexamine the issue with retirement age and implement reforms that would secure higher pensions.

The statement was made by Bulgaria's Deputy Prime Minister and Finance Minister, Simeon Djankov, in an interview for the Bulgarian Trud (Labor) daily.

Djankov says he wants to increase retirement age because this is the way to bring fresh money to increase pensions and reduce the deficit of the Social Security Institute (NOI).

However, according to amendments of the Social Security Code, passed at the end of 2010, the retirement age is not to go up until 2021, gradually - every 12 months until it reaches 65 for males in 2024 and 63 for women in 2026, compared to the current 63 and 60.

Retirement age in Bulgaria is among the lowest in Europe.

"It is very likely to make the first step as early as next year since budget 2012 is not yet approved by the Parliament," Djankov now says.

Bulgarians are not very inclined to remain on the labor market even when there are initiatives such as receiving money for reaching a certain age and receiving work wages in the full amount, according to a check at NOI done by the Bulgarian Sega (Now) daily.

Since 2008, when it was allowed for a certain individual to get 3% more money for age (instead of 1.1%) for each year of being employed after reaching retirement, only 29 142 have postponed their retirement. (Source: Sofia News Agency)

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