Bulgaria: Minimum Wage Climbs To 933 Leva (€477) In 2024 Budget Approval

The National Assembly has given its nod to crucial financial amendments and budgets for the upcoming year, introducing significant changes to social security and health insurance provisions.

The State Social Security Budget for 2024, approved in its second reading, signifies notable shifts in various financial facets. One of the major highlights is the proposed increase in the minimum wage from 780 leva (399 euros) to 933 leva (477 euros). Additionally, a substantial boost in pensions, averaging 11% from July, aligning with the Swiss rule, aims to enhance retirees' financial stability. The maximum social security income is also set to rise significantly, reaching 3750 leva (1,917 euros) from 3400 leva (1,738 euros).

While the minimum unemployment benefit will remain static at 18 leva (9 euros) per day, the maximum benefit will see an increase to 107 leva (55 euros) per day. However, the maternity allowance for mothers in their second year of pregnancy remains unchanged at 780 leva (399 euros).

In a swift session, Parliament also ratified the National Health Insurance Fund (NHIF) budget without debate. Despite disruptions caused by Vazrazhdane party MPs, who occupied the rostrum, the NHIF budget for 2024 sailed through. The fund anticipates a staggering increase in revenues, totaling over 560 million euros compared to the previous year. NHIF's allocated budget for the upcoming year is projected to surpass 4 billion euros.