site.bta11 Bankrupt Companies Have Submitted Applications to Employees' Guaranteed Receivables Fund This Year

11 Bankrupt Companies Have Submitted Applications to Employees' Guaranteed Receivables Fund This Year

Sofia, June 30 (BTA) - Eleven bankrupt companies have applied
for support from the Employees' Guaranteed Receivables Fund
(EGRF) so far this year, National Social Security Institute
Deputy Director Vesselina Karaivanova told BTA on June 29. Since
 January, EGRF has also received 44 applications from
individuals and granted 35 of them while the rest were turned
down. The guaranteed employees' receivables paid off by the fund
 since January 2015 average 4,235 leva per case, Karaivanova
said.

Between 2008 and 2014, EGRF paid off guaranteed employees'
receivables to 206 bankrupt companies.

EGRF relies entirely on contributions from employers, whose
amount is set on an annual basis by the Public Social Insurance
Budget Act for the respective year. Between 2011 and 2014 the
contributions were zero, except for money collected from
non-compliant employers for earlier periods. Between January and
 May 2015, EGRF received 47,489 leva in contributions.

Since 2005, EGRF has invested in government securities worth
237,873,896 leva and has deposited 2 million leva with the
Bulgarian National Bank.