Bulgarian Finance Minister: From July 2019, Cap on all Pensions will Increase to BGN 1,200
As of July 1, 2019, the upper limit on all pensions, regardless of when they were granted, will be increased to BGN 1,200, but the cap will not be removed, Finance Minister Vladislav Goranov said after a meeting with trade unions, Focus News Agency reports.
“The changes in the pension formula and all its imperfections do not give us a reason to decide in favour of eliminating the ceiling. There are distortions accumulated over the years in the pension formula, in connection with both the individual coefficient and the converted length of service for certain categories of workers,” the minister said.
“That is, we have some extremely high pensions which, because of the calculation method, because of the pension formula that has changed over the years and the specificities within it, can be considered unreasonably high and unrelated to the contributions,” Goranov said.