site.btaUPDATED Social Security in 2023: Revenues Exceed Projections, Expenditure below Plan

As of December 31, 2023, the total reported revenues in the public social insurance budget amounted to BGN 11,389.7 million, which represents 101.4% of the plan for the year. Revenues received are BGN 1,398.4 million more than in the same period of 2022.

Total reported expenditure amounted to BGN 21,609.6 million or 99.2% of the plan for the year. Expenditure is BGN 3,501.1 million more than in the same period of 2022.  

The largest share in the total expenditures is accounted for by pension expenditures, which amount to BGN 19,123.2 million. Pension expenditure is BGN 3,488.5 million or 22.3% more year-on-year. The monthly average number of pensioners for 2023 is lower by 5,352 persons compared to 2022. The monthly average pension per pensioner for 2023 was BGN 784.48. The nominal increase in the average amount compared to 2022 is 16.3%. 

The average pension of a pensioner for retirement and old age for 2023 was BGN 861.23. The annual nominal increase of the average amount compared to 2022 is 17.8%.

The next most important and largest group of expenditures in the consolidated budget of the public social insurance institution are the expenditures for the payment of cash benefits and allowances under the Social Insurance Procedure Code, which as of December 31, 2023 amounted to BGN 2,324.6 million or 94.3% of the plan for the year. The reported expenditures are BGN 161.9 million more than in the same period of 2022.

The total amount of reported net transfers under the public social insurance budget as of December 31, 2023 was BGN 10,235.7 million.

Teachers' pension fund

The reported revenue in the Teachers' Pension Fund as of December 31 amounted to BGN 108.7 million, representing 101.5% of the plan for the year. Revenues received are BGN 10.7 million more compared to the same period of 2022.

The total reported expenditure of the Teachers' Pension Fund as of December 31 amounted to BGN 87.2 million, representing 96.3% of the plan for the year. The expenditure incurred is BGN 17.6 million more compared to the same period in 2022.

Guaranteed Employees' Benefits Fund

The reported income as of December 31 amounted to BGN 2,443,400, which represents 111.1% execution of the plan for the year. The revenue received is BGN 164,100 more than in the same period of 2022. 

Total reported expenditure amounted to BGN 2,736,300, which represents 57.4% of the plan for the year. The expenditure incurred is BGN 1,515,700 more than in the same period of 2022.