The government has named Stanislav Popdonchev, deputy chair of the Bulgarian Industrial Association, to the board of the Silver Fund. His term is for 2027. He replaces Todor Tabakov, the government press office said.
The change is a rotation. The board member comes from the national employers' organisations, which take turns. The government says Popdonchev meets the legal requirements for education, work experience and compatibility.
Silver Fund is the short name for the State Fund for Guaranteeing the Sustainability of the State Pension System. It manages money that keeps the pension system sustainable. Its board has 8 members. The finance minister chairs it, and the labour and social policy minister is his deputy.
The Finance Ministry says in a report that the fund was set up under the transitional and final provisions of the 2006 State Budget Act. At the end of 2008, parliament passed a separate law on the fund. That law makes the finance minister responsible for carrying it out.