Social Insurance in Bulgaria Won't Be Raised

The social insurance for pension plans and unemployment is impossible at this stage, said Bulgaria's Minister of Labour and Social Policies Hasan Ademov.

The proposal for one percent increase in the sums deducted for pensions and unemployment benefits was made by one of Bulgaria's major trade unions, KNSB, last week. 

“The increase in social insurance deductions is a correct measure, but at this point the government will not take it because this would create risks for employment,” Ademov said. “If we introduced the measure, the employment expenses will increase, while the income of the workers will decrease.” 

According to Ademov the social insurance deductions won't be hiked at least by the end of this year, but will be discussed in the future, as the deficit in the state social insurance fund is more than BGN 3.5 B.