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Labor and Social Policy Minister Hassan Ademov before members of the Social Policy Committee – 2014 State Budget foresees BGN 650 M more for social spending

Minister Ademov has answered questions of members of the parliamentary social policy committee on 10 October 2014. He explained his ministry has planned in the 2014 state budget 650 million leva more for social expenditures.

Totyu Mladenov, representative of the GERB parliamentary group, asked Ademov about the main entries of next year’s social budget. Minister Ademov informed that until the end of October the National Council for Tripartite Cooperation will discuss 3 law drafts– the State Budget Act for 2014, the 2014 budgets of the State Social Security and the National Health Insurance Fund. Discussed will be issues like increase of the minimum wage up to BGN 340 and increase of the maximum income for insurance contributions which in 2014 will be raised to BGN 2400, the highest pension will be raised to BGN 840 and will reach 35 % of the maximum insurance income. The new legislation foresees to start applying the Swiss rule for pensions’ indexation as of July 1, 2014.

He explained the ministry had negotiated the minimum insurance thresholds for 50 professions and economic activities, which in the health care sector are expected to reach a little more than 4% in average.
The Ministry of Labor and Social Policy intends to spend BGN 140 M for implementation of the National Plan for Employment Promotion which is almost twice than the 2013 budget had. Hassan Ademov further explained that in addition to the BGN 73 M envisaged in the 2013 budget the caretaker government had allocated additional BGN 31 M for employment purposes.

Representatives of Ataka Party asked the minister about the complementary pensions’ payments for Christmas   and their scope. Minister Ademov answered the government is willing to complement all pensions. He said by end October they will know the amount of money available for this purpose and in the worst case complemented will be those with pensions of less than BGN 200. More than 10 % of the GDP for next year, or 1/3 of the entire budget will be allocated for pensions, added the Minister of Social Policy and Labor.


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