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More money for social spending in Budget 2025, says Social Minister

published on 10/6/24 3:35 PM

Photo: BGNES

The social spending in the state budget for next year is expected to be increased by BGN 620 million, Caretaker Minister of Labour and Social Policy Ivaylo Ivanov told BNR. Thus, the total amount for them will amount to about BGN 3.6 billion (EUR 1.8 billion).

The minister also said that from 1 January 2025 the minimum wage will certainly increase, as the Labour Code stipulates that it should be equal to 50% of the gross average wage. In the second quarter of this year, the average wage in Bulgaria was BGN 2,296.

As for the increase in pensions, this will be done according to the so-called Swiss rule (increase by 50% of the inflation rate and 50% of the increase in the average social security income). "The pension increase will be lower than this year's because inflation is decreasing," Ivaylo Ivanov warned.

Asked whether we will soon retire at 70, the minister said this is not being discussed at the moment, recalling that by 2037 the age should reach 65 for all EU countries.

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