State pensions set to go up by 5% as of July 1, 2021

20% higher minimum and maximum pension from January 1 next year. This is envisaged in the draft budget of the State Social Security, BNT sources said on October 16. The social security contribution does not change.

The minimum pension for length of service and age is increased by BGN 50, and the maximum pension by BGN 240.

All pensions will be updated by 5% from July 1 next year. And from January to March all pensioners will receive a supplement of BGN 50.

An increase in the minimum social security income for the self-employed is set from BGN 610 to BGN 650. The maximum insurance income remains at BGN 3,000. The compensation for raising a child for the second year remains at BGN 380.

The planned expenses for pensions next year are over BGN 12 billion and 340 million. They are almost 17% higher than this year’s.

The state will provide over BGN 6 billion and 200 million to cover the deficit in the state social security budget.