How much will pensions in Bulgaria rise next year?

One month after the last Parliament‘s MPs approved the new assessment rules, the National Social Security Institute calculates that the retirement-age pensions in the year 2022 will rise by 84 BGN on average per pensioner.

The increase is by 7-8%. The forecast is that next year the pension for length of service will reach 588 BGN on average.

The rise is a result of the decision that the percent for every year of work experience will go up from 1,2% to 1,35%.

The regulation enters into effect as of December 25 of this year.

From that moment onwards:

• The minimum pension will rise from 300 to 370 BGN.
• The maximum pension will be 1,500 BGN.
• The social old-age pension will be 170 BGN.

The costs for pensions in the year 2022 will rise by 1 841 000 BGN.

The National Social Security Institute calculates that, compared with last year, the expenditures for pensions for this year will be 2,3 billion BGN higher. The increase is more than 20%.

The reasons for the increase include: pension supplenets that are disbursed throughout the whole year; the minimum pension‘s increase from 250 to 300 BGN and the maximum pension's increase from 1,200 to 1,440 BGN, as well as the indexation of the pensions in July.

How much will the pensions rise in the years 2023 and 2024?

According to the National Social Security Institute‘s forecast, in 2023, the retirement-age pension will rise by 97 BGN on average and will reach 628 BGN.

In the year 2024, the increase will be 91 BGN. This way, the average will reach 669 BGN.

The costs of pensions will rise by 2 101 900 BGN in 2023 and by 2 164 500 BGN in 2024.