site.btaPension Costs Exceed BGN 17.8 Bln in October 2024 - National Social Security Institute

The expenditure on pensions exceeded BGN 17.8 billion as at October 2024, up by BGN 2 billion from the same time last year,  the National Social Security Institute said in connection with the cash implementation of the budgets of the social insurance funds administered by the Institute. In the structure of total expenditures, those on pensions constitute the largest share.

The number of pensioners stood at 2,048,856 in October, or 0.7% more than in the same month of 2023. The average monthly pension per pensioner was BGN 929.95, up 12.7% year on year. The average monthly amount of the retirement pension per pensioner was BGN 1,026.99, which is a 13.2% increase compared to October 2023.

As at October 31, 2024, the total amount of reported revenues was BGN 10,762.7 million, which represents 83.5% of the implementation of the plan for the year. Revenues received increased by BGN 1,479.6 million compared to the same period last year. Total reported expenditure amounted to BGN 20,189.6 million or 83.0% of the plan for the year. Expenditures increased by BGN 2,448.0 million from end-October 2023.

The next most significant and largest group of expenditure in the consolidated budget of state social security is the expenditure on cash benefits and allowances under the Social Insurance Code.  At the end of October they amounted to BGN 2,218.4 million, which is 87.1% of the plan for the year. The reported expenditure was by BGN 361.1 million more than in the same period of 2023.

The total amount of reported transfers (net) under the consolidated budget of state social security as at October 2024 was BGN 9 417.2 million.

The reported revenue in the Teachers' Pension Fund as at October 31 amounted to BGN 101.8 million, which represents 85.6% of the implementation of the plan for the year. The revenue received went up by BGN 13.2 million from the same period of 2023.

Total reported expenditure of the Teachers' Pension Fund as at October 31 amounted to BGN 84.3 million, representing 80.1% of the plan for the year. The expenditure incurred is BGN 12.7 million more than at end-October 2023.

Reported revenue as at October 31 amounted to BGN 2,408,500, which represents 96.3% of the plan for the year. The revenue received was BGN 98,100 more compared to the same period of 2023. Total reported expenditure as at October 31 amounted to BGN 1,337,600, which represents 27.9% execution of the plan for the year. The expenditure incurred was BGN 950,800 less compared to the same period of 2023.