Podcast in English
Text size
Bulgarian National Radio © 2025 All Rights Reserved

Industrial Capital Association: Increasing the minimum wage is a mistake

Vasil Velev, chairman of BICA
Photo: BGNES

The Bulgarian Industrial Capital Association (BICA) forecasts a decline in the country's gross domestic product between 3.5 and 5.5% depending on the development of the second wave of Covid-19. This was said for BNR by the chairman of the association Vasil Velev. According to the forecast, this decline will not be compensated in 2021. Velev stressed that also in 2021 there should be measures to support employment and income, at least for a few more months, as well as support for investment in the economy.
According to Velev, the increase in the minimum pension proposed by the government is a wrong and inadequate policy. There should be no minimum pension at all - the pension should depend on the insurance contributions. If someone has a very small pension - then social assistance comes into force. It is also a wrong policy to increase the minimum wage with rising unemployment and falling GDP, the economist said.



Последвайте ни и в Google News Showcase, за да научите най-важното от деня!
Listen to the daily news from Bulgaria presented in "Bulgaria Today" podcast, available in Spotify.

More from category

Young doctors to receive long-awaited pay rise

“At coalition level, we have decided to meet the demands of young doctors regarding salary levels,” said Kostadin Angelov, chair of the parliamentary health committee, at a meeting of the panel, as reported by BNR's Mila Mladenova. Young doctors..

published on 10/22/25 4:55 PM

PM Rosen Zhelyazkov has invited King Charles III to visit Bulgaria again

Bulgaria's Prime Minister Rosen Zhelyazkov has invited King Charles III to visit Bulgaria again , the Council of Ministers announced. The two spoke at the royal reception organized on the occasion of the Berlin Process summit in London , which..

published on 10/22/25 3:34 PM
Kostadin Kostadinov

Vazrazhdane party to propose law banning politicians sanctioned under the Magnitsky Act from holding high office

Legislative amendments banning individuals sanctioned under the global Magnitsky law from holding senior government or party positions will likely be submitted to Parliament as early as Thursday by the Vazrazhdane party, MP Petar Petrov told BNR...

published on 10/22/25 2:07 PM