Gutsanov Questions Pension Reform as Tripartite Council Debates Multi-Fund Model

Risida Dimitrova, Borislava Bibinovska

Outgoing Labour and Social Policy Minister Borislav Gutsanov at the meeting of the National Council for Tripartite Cooperation, Sofia, January 19, 2026 (BTA Photo/Nikola Uzunov)

Sofia,

19.01.2026 13:50

(BTA)

Outgoing Labour and Social Policy Minister Borislav Gutsanov asked whether all factors have really been considered "or could it be that once again something has not been properly calculated". Gutsanov was speaking about a proposed bill to amend and supplement the Social Insurance Code, which is under discussion at a meeting of the National Council for Tripartite Cooperation (NCTC) of the government, trade unions and employers, at the Council of Ministers on Monday.

The revisions are basically intended to introduce a multi-fund model in supplementary pension insurance and are submitted by the Ministry of Finance. At the beginning of the meeting Deputy Finance Minister Kiril Ananiev presented the proposal.

"Regardless of the different ways in which the pensions from the state social insurance and from universal pension funds are determined, we find it strange and unacceptable that two pensions should be smaller than one," Gutsanov said. According to him, this is a fact that affects a large proportion of people who are retiring.

The proposed change regarding the amount of fees and deductions is not sufficiently justified, he added. "We want to make sure that everything is done for the benefit of the people," Gutsanov insisted.

The outgoing minister cited data from the Financial Supervision Commission, according to which the total value of net assets in universal pension funds is just over BGN 26 billion. The number of insured persons in these funds is 4,128,949, and the average monthly pension from these funds is BGN 236.12, Gutsanov said.

/RY/