Bulgaria’s government on October 31 approved the bill on the state social security budget for 2020. The bill envisages an increase of 6.7% as of July 2020 in pensions granted by the end of 2019...
Bulgaria’s government on October 31 approved the bill on the state social security budget for 2020. The bill envisages an increase of 6.7% as of July 2020 in pensions granted by the end of 2019. The average pension size will reach BGN 412.28, which is by BGN 31 more compared to the size in 2019, the Council of Ministers announced.
As of July 1, 2020, the minimum pension for people who fulfilled the requirements for old age and years of service will increase from BGN 219.43 to BGN 234.13. From that date, the old-age social pension will increase to BGN 141.63.
The maximum amount of one or more pensions received is maintained at the level reached in 2019 of BGN 1,200. This size will be applied to all pensions regardless of the time they were granted.
It is estimated that in 2020, the average social security income will reach BGN 1063, which is a growth of 7.8% compared to its expected value this year. The average annual number of insured persons is expected to increase to 2.796 million.
It is estimated that in 2020 the average social security income will reach BGN 1063, which is a growth of 7.8% compared to its expected value this year. The average annual number of insured persons is expected to increase to 2.796 million.
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