site.btaPension Expenses at end-May Amount to BGN 8.5 Bln

As of May 31, 2024, the total amount of reported revenues of the State Social Insurance (SSI) was BGN 5,211.2 million, which represents 40.5% implementation of the plan for the year, indicated information by the  National Social Security Institute (NSSI) regarding the cash execution of social security fund budgets administered by the institute by virtue of legal delegation.

The revenues were BGN 728.7 million more than in the same period of the previous year. The total reported expenses amounted to BGN 9,661.9 million, or 39.7% of the plan for the year. The expenses were BGN 1,201.5 million more than in the first five months of 2023.

In the structure of total expenses, the largest share were expenses for pensions, which amounted to BGN 8,514.1 million, which was 39.4% of the implementation of the plan for the year. The expenses for pensions were BGN 968.0 million (12.8%) more than in 2023, the NSSI informed.

The number of pensioners for May 2024 was 2,042,390, or 13,699 (0.7%) more compared to May 2023. The average monthly pension of one pensioner was BGN 829.72. Compared to the fifth month of 2023, thus sum was higher by BGN 93.41 (12.7%). The average monthly amount of the pension for length of service and age of one pensioner was BGN 914.54 or BGN 105.38 (13.0%) more compared to May 2023.

The next most significant and large group of expenses were the expenses for the payment of cash benefits and benefits under the Social Insurance Procedure Code. As of May 31, they amounted to BGN 1,072.7 million, or 42.1% of the plan for the year. Reported expenses were BGN 223.0 million more than in the same period of 2023.

The total amount of reported transfers (net) according to the consolidated budget of the SSI was BGN 4,463.1 million.

A few days ago, the National Insurance Institute said that the average insurance income for April was BGN 1,639. The average monthly insurance income for the country for the period from May 1, 2023 to April 30, 2024 was BGN 1,515.40.