site.btaPublic Social Insurance Budget Bill Passes on First Reading in Parliament

The 2024 Public Social Insurance Budget Bill passed on first reading in Parliament Friday. The vote was 135-30 with 32 abstentions.

As of July 1, all pensions allocated by the end of 2023 will be updated by 11%, and the minimum pension will be increased to BGN 580.57 from the current BGN 523.04. The maximum amount of a person's one or more pensions remains BGN 3,400. The social pension for old age will be raised to BGN 307.07.

The payment of all types of pensions and supplements to them will be covered by BGN 21.6 billion. The planned expenditure is by BGN 2,440 billion (12.7%) more than in 2023.

As of January 1, the minimum contributory income of self-insured persons, farmers, and tobacco growers will increased to BGN 933 from the current BGN 780. The maximum contributory income for all insured persons is raised to BGN 3,750 from BGN 3,400.

The maximum daily amount of compensations for unemployment will become BGN 107.14 from the current BGN 85.71. 

The compensation for child care for children up to 2 years of age and for children up to 8 years of age for the father (adopter) remains unchanged at BGN 780. The maximum amount of pensions received also remains the same, BGN 3,400.

As of July 1, the supplement from a deceased spouse's pension will become 30% from the current 26.5% of the pension(s) received by the deceased.

The MPs will have five days, until December 6, to propose revisions to the budget bill.