Finance Ministry Foresees Increasing Minimum Wage to 510 leva from Jan 2018

Finance Ministry Foresees Increasing Minimum Wage to 510 leva from Jan 2018

The government foresees increasing the minimum wage from 460 leva to 510 leva as of January 1, 2018, to 560 leva as of January 1, 2019 and to 610 leva as of January 1, 2020. This is part of the mid-term budget forecast for 2018-2020, the Finance Ministry said.
Key targets remain fiscal stability, removing macroeconomic unbalances and conducting consistent, transparent and foreseeable fiscal policy to improve business environment, encourage investments and stimulate labour market for achieving economic growth and employment.
Deficit in the consolidated fiscal programme for 2018 and 2019 remains, respectively, 1% and 0.5% of GDP.
For 2020, the government plans a balanced budget. Revenue is expected to stand at 36.5-36.6% of GDP, while financing of public expenditure policies will range from 37.5% of GDP in 2018 to 36.5% of GDP in 2020. The government does not plan significant tax changes.
Considering net debt financing in 2018-2020, debt-to-GDP ratio is expected to decrease to 22.3% by the end of the period, mainly due to repayment of outstanding debt.

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