Retirement age in Bulgaria remains unchanged until 2037

Sofia, Bulgaria – The retirement age will not be increased. This categorical stance was expressed by the Minister of Labor and Social Policy, Borislav Gutsanov, during a meeting of the relevant parliamentary commission. At that moment, the tension in the hall was palpable, while journalists were covering the minister's statement with interest.

The decision, according to his words, provides for the preservation of the current situation until 2037. Then it is planned for the retirement age to reach 65 years. The minister was answering a question related to the development of a Roadmap for the improvement of the pension system. In the presence of politicians and journalists, the minister emphasized the importance of this process.

In the context of the discussion, it was pointed out that the average life expectancy in Bulgaria is among the lowest in the European Union – about 70 years for men and about 72 years for women. This is a factor that inevitably affects the decisions made for the pension system.

Regarding the increase in insurance contributions, Gutsanov stated that no change is planned at this stage – neither in the first nor in the second pillar of the pension system. Nevertheless, he pointed out that options such as increasing the maximum insurance income, which is currently 4130 leva, could be considered. The question is whether it will reach 4430 leva in 2026 or will be a little higher. "Let the Ministry of Finance propose when it makes the calculations," said Gutsanov. He added that it should be assessed whether the maximum pension should be abolished or increased.

The Social Minister also informed that, according to the ministry's views, the Covid supplements should be removed for future pensioners when the Roadmap comes into force. "The existing situation remains as it is – not to be reduced", he emphasized.

In conclusion, Gutsanov pointed to the fight against the grey economy as a potential source for increasing revenues in the pension and tax system.