The average insurance income in Bulgaria is being raised, and this will also raise pensions – from 1 July they are being raised by 12%

The average insurance income in Bulgaria is being raised, and this will also raise pensions – from 1 July they are being raised by 12%

The National Social Security Institute informed that the amount of the average social security income for the country for March 2023 has been raised and is now BGN 1410.67.

The average monthly social security income for the country for the period from 01.04.2022 to 31.03.2023 is BGN 1346,78.
The determined average monthly social security income for the country for the said period shall serve for calculation of the amounts of the newly granted pensions in April 2023, pursuant to Article 70, para. 3 of the Social Insurance Code.
We add that from 1 July 2023, all pensions will increase by 12%.

This was also announced by Prime Minister Nikolay Denkov and he stressed that the main task of the government is Budget 2023 and preparation of Budget 2024.

He clarified that the Finance Minister has stated that the funds have been secured and pensions will be increased by 12% from July 1.

He said there will be less spending in capital expenditure because there is not enough project readiness and this spending will be less than the budget submitted by the caretaker government.

“The budget will provide for capital expenditure by region, we are making a big fund of about 2 billion leva to be given to municipalities so that they can prepare for the winter, to make repairs. Two new funds will be set up – in the field of sport and in the field of culture. This is not a replacement of funds, but the addition of new funds to the existing ones in the system, so that activities which are systematically underfunded can be developed. There are policies that we will set in motion immediately, but let the ministers have the discussions about this with the Finance Minister first,” the Prime Minister said.