site.btaMinimum Monthly Wage Set at Lv 460 for 2017

Minimum Monthly Wage Set at Lv 460 for 2017

Sofia, December 21 (BTA) - Bulgaria's Council of Ministers Wednesday decreed a 9.5 per cent increase of the national minimum monthly wage, effective January 1, 2017, from 420 leva now to 460 leva, the Government Information Service said. The idea is to motivate job seekers, to guarantee a better satisfaction of the needs of minimum wage earners and their families, and to reduce the risk of working poor.

The minimum wage increase has been made possible by the economic growth, the steady GDP rates in recent years, the larger number of employees, and the rise of the average wage.

As from January 1, 2017, the minimum hourly wage will be 2.77 leva.

By another decree, the Government set the monthly poverty line for the country in 2017 at 314 leva, 14 leva more than in 2016.

The poverty line is calculated using a method endorsed by the Council of Ministers according to the results of a household budget survey conducted annually by the National Statistical Institute. The indicator is used as a social policy benchmark regarding incomes and standards of living.