site.btaLabour Minister Kalfin Proposes that Retirement Age Reaches 65 for Males in 2029, Females in 2037

Labour Minister Kalfin Proposes that Retirement Age Reaches 65 for Males in 2029, Females in 2037


Sofia, January 20 (BTA) - Labour and Social Policy Minister
Ivaylo Kalfin proposed a gradual retirement age increase for the
most common work Category 3, according to which males will
retire at 65 in 2029, while females will have to retire at this
age some eight years later - in 2037.

Kalfin announced this after meeting with the social partners and
MPs at his Ministry on Tuesday. He proposes that the retirement
age for males is increased by two months each year for the
first two years, followed by one month annual increases after
that.

The Minister's team proposes that social insurance contributions
are increased over a period of 12 years by a total of 4.5 per
cent. The proposal provides for contributions to the Pension
Fund to go up by 0.5 percentage points every other year. In the
years when these contributions are not increased, those to the
Unemployment Fund will go up by 0.2 percentage points.

According to Kalfin, the effects of the gradual increase of
contributions to the Pension Fund, from 17.8 to 21.3 per cent,
and of those to the Unemployment Fund, from 1 to 2 per cent,
will result in additional revenue for the National Social
Security Institute of around 1.1 billion leva by the year 2027,
while annual revenue will go up by 200 million leva.