340,000 pensioners will receive 100 BGN Christmas bonus

340,000 pensioners will receive Christmas bonuse of 100 BGN on 19 December, caretaker Minister of Labour and Social Policy, Ivaylo Ivanov, said on December 9.

"All those who receive pensions less than the poverty line of BGN 526 will receive a Christmas bonus of BGN 100. This bonus applies to pensioners whose total pension and benefits do not exceed 526 BGN (the poverty line). About 340,000 people will be entitled to the bonus. The amount itself will be received on December 19. There is no requirement about receiving other income, annuities, rents, etc," the Minister said.

He explained that the budget of the state social insurance envisages update of pensions in July by between 8 and 9%.

"I support the growth of the maximum social security insurable income because the minimum wage was raised by almost 15%. The average insurable income equals nearly 13.3. It is also normal for the maximum insurable income to be increased by about 10% percent."

The Minister also noted why a change is proposed with the draft budget for the State Social Insurance for the next year, according to which parents who use the childcare benefit in its second year should not receive the provided funds - 780 BGN, if they work on a second contract with the same or another employer.

"We detect such a practice for both mothers and fathers. The goal that is set is not the one that is achieved," the minister summed up.

According to him, this affects around 70,000 families.

The Supervisory Board of the Social Security Institute is discussing the draft budget for next year. According to the envisaged parametres, the minimum pension is set to rise to 631 BGN from July 1 next year. It is planned that the maximum social security insurable income will increase by 380 BGN and reach 4,130.

Unemployment benefits and maternity pay will remain unchanged in the second year. Businesses are in favour of raising the threshold, but at a gradual pace, while trade unions are happy with the 10% increase. The minimum insurable income for the self-employed will also be higher, but it is equal to the minimum wage, which becomes BGN 1,077 on 1 January.

Pension adjustment will be between 8-9% from July 1. The exact percentage will be known after the final figures on the consumer price index and social security income, included in the Swiss rule.

The minimum pension for work experience and age will rise from 580.57 BGN to 631.08 BGN. The maximum pension will stay capped at 3,400 BGN.

The budget is expected to be discussed at a tripartite meeting on Wednesday and could be submitted to parliament the same day.

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