site.btaHigher Pensions and More Generous Pension Formulas Become Effective on Christmas

December 25 (BTA) - The minimum monthly pension in Bulgaria rises from 300 leva to 370 leva and the maximum pension goes up from 1,400 leva to 1,500 leva as of December 25, 2021. Also from Christmas Day 2021 onward, the length of contributory service will have more weight when calculating work-contingent pensions. This will result in an increase of pensions by an average of 12.5 per cent, or by between 65 leva and 70 leva per month.

As the changes become effective, the number of people who receive the minimum amount of a given type of pension will increase from 892,000 to 1,044,000. Those whose pensions are limited by the official ceiling will increase from 27,500 to 34,000.

To ensure that all pensioners are treated fairly, the National Social Security Institute will re-calculate over 2 million work-contingent pensions and pension supplements, including pensions for contributory service and old age, for occupational disease (disability), inherited pensions and surviving spouses' benefits awarded until December 24, 2021. In doing so, the Institute will give more weight to every year and every month of contributory service without conversion.

People will receive their re-calculated pensions on the usual pay day, starting with the pension for January 2022. They will also receive the difference between the old and the new pension for the seven-day period between December 25, 2021 and December 31, 2021. VE