Balkans | The high retirement age in Bulgaria

Home » Balkans | The high retirement age in Bulgaria
Balkans |  The high retirement age in Bulgaria

Since the beginning of 2023 in Bulgaria, the age required for retirement and the length of service are increasing. Life increases by 2 months in women and 1 month in men.

To qualify for a pension, a woman must be currently 62 years old and have 36 years and 4 months of insured service. In order for men to receive a pension, they must be 64.5 years old and have 39 years and 4 months of insured service.

In 2037, it is intended that men and women working in the third category of work will retire at the same age, that is, at the age of 65. For this, the length of service should be 37 years for women and 40 years for men.

People who do not have a sufficient number of premium days must have worked as insured for at least 15 years in order to receive a pension. For this, they must be 67 years old.

When the required number of premium days has been reached, the right to early retirement continues up to one year before the normal retirement age is reached. This right can be used by women over the age of 61 with 36 years and 4 months of service, and men who are 63 years, 6 years with 39 years and 4 months of service.

However, they will receive a slightly lower pension. Their paychecks will be 0.4% lower for each month that they are below their total retirement age.

The purchase fee for the days of missed pension installments has increased by about 14 leva since the new year. The amount of the month’s premium rose to 154.44 leva. The reason is that from April 1, the minimum monthly insurance income for those who pay their insurance premiums has increased to 780 levs. The amount of premium days that can be purchased is 19.8% of that amount.

The amount of one year’s premium will now be BGN 1853.28, and the full 5-year premium amount (the maximum period of lack of service that can be purchased) will be BGN 9266.4.

Buying bonus days is becoming an increasingly common practice, as many people of retirement age have experienced periods of unemployment in their working lives. Bonus day can be bought at any time by both young workers and those who have reached retirement age. However, the number of premium days purchased is not used in the calculation of the pension.

Source: CardZhalNews

Random Post