Text size

Industrial Capital Association: Increasing the minimum wage is a mistake

published on 10/20/20 11:30 AM

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!

Radio Bulgaria News BICA Bulgarian Industrial Capital Association GDP minimum wage pension

More from category

Valdis Dombrovskis: Today is a historic day for Bulgaria

Today is a historic day for Bulgaria. This was what European Commissioner for Economy and Productivity, Valdis Dombrovskis, told journalists before the start of the meeting of the Council of the EU, which is to vote on the final..

published on 7/8/25 12:12 PM

Bulgaria's long road to the euro

The final decisions on Bulgaria's accession to the eurozone on January 1 next year are being voted on today by the European Parliament in Strasbourg and the Council of EU in Brussels after a process that has lasted for decades...

published on 7/8/25 11:25 AM

Eurogroup confirms euro/lev exchange rate

Eurogroup finance ministers confirmed on Monday that the euro- lev exchange rate would remain unchanged after Bulgaria joins the eurozone. This was announced by President of the Eurogroup Paschal Donohoe. Today, the European Parliament in Strasbourg..

published on 7/8/25 9:35 AM