Bulgaria's retirement age could be revised upwards by three years

Bulgaria's retirement age could be revised upwards by three years

Bulgaria's retirement age will probably be revised upwards by three more years from July 1 2011, if proposals announced by Bulgarian Social Minister Totyu Mladenov on June 22 2010 are approved.Women will have to work for 37 years, instead of 34 years, while men will have to work for 40 years, instead of 37 years.An increase in the number of retirees, and a consequent higher burden to the pension fund, would be highly likely in the light of these changes. Mika Zaikova, from the Union of Independent Bulgarian Syndicates, Podkrepa, believes that more people could choose to retire now because they fear that future amendments to the pension system will make them work longer."Workers who have the opportunity to reach pensionable age by July 1 next year will do everything possible to do so. This means that the pension insurance fund could face a serious burden because of the boom in retirees,"  Zaikova said.However, National Social Security Institute manager Hristina Mitreva, believes that the decision is sensible."This is the most acceptable option, but it must be noted that this is not the final decision. Discussions will continue and the decision will be taken by consensus," she said.According to different media reports, people who choose to work after they have passed the required length of service for retirement will receive an additional three per cent supplement to their pension package for every additional year of employment.Meanwhile, people who have reached the retirement age, 60 for women and 63 for men, but lack three years of service, will be also allowed to retire, but with a deduction of 2.4 per cent for every year of "shortfall".


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