Negotiations over Pension Reform in Bulgaria Continue

Negotiations over Pension Reform in Bulgaria Continue

Some 18,000 people will not be able to retire next year if the proposed changes in the pension system in Bulgaria are approved, it emerged at a meeting between social minister Totyu Mladenov and the employer's organisations on Monday. The negotiations over the pension reform continue without the trade unions who walked out when the proposal to raise the retiring age was submitted to parliament without being discussed by the three-partite council first.

At their meeting the employers and the social minister discussed ideas to reduce the deficit in the National Insurance Institute (NOI), the Bulgarian National Television reported. Apart from raising the retirement age from next year, they agreed that pensions should be revised in two years at least to reflect inflation.

The social ministry expects to partially fill the financial gap in NOI within six or seven years via cost-cutting.


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