Almost one-third of the people who work in Bulgaria pay minimum wage social security contributions, or below, according to the National Social Security Institute. That is the reason why pensions in the country are low, they say.
In April the total number of people in Bulgaria with social security was a mere 2.775 million, the rest are children, young people, pensioners, unemployed, housewives, or people who are not looking for a job. 30% pay social security on monthly incomes of below 330 euro, 724,000 people – on monthly incomes of between 330 and 509 euro. This means that 1.584 million people, or over 57% of all people with social security pay contributions for a monthly income of below 509 euro. The number of pensioners in the country is over 2 million. That is the reason why there is always a deficit in the budget of the National Social Security Institute and a large portion of the pensions are paid out of the state treasury, i.e. with taxpayers’ money.
According to data from the National Statistical Institute, Bulgaria experienced a monthly inflation rate of -0.2% in May 2024 . Year-on-year inflation from May 2024 compared to December 2023 stands at 0.4%, while the average annual inflation rate for the..
The demographic crisis in this country is advancing at a rapid rate, holding back the development of businesses, but this is a tendency observed in other countries as well. Because of their good qualifications, Bulgarian workers find work in many..
The World Bank predicts a more moderate improvement in Bulgaria's economic growth in 2024 and 2025. In its latest report "Global Economic Prospects" the institution expects a slight acceleration in Bulgaria's GDP growth from 1.8% in 2023 to 2.1% in..
Partly Cloudy
Clear