Government to back 11% pension rise at social security institute

At a meeting of the Supervisory Board of the National Social Security Institute (NSSI) on Tuesday, the representatives of the executive branch of government will vote in favour of a proposal by caretaker Labour and Social Policy Minister Ivaylo Ivanov on a 11% increase of pensions, Bulgaria's caretaker Prime Minister Dimitar Glavchev told a news briefing here on Monday.

The PM stressed that the 11% rise will be backed even though NSSI experts have estimated that the rise should be 10%, as required by Article 100 of the Social Insurance Code, according to which pensions must be adjusted annually by 50% of the previous year's inflation, whether positive or negative, and by 50% of the growth of the average contributory income (the so-called "Swiss rule").

Nevertheless, the NSSI Supervisory Board has the final say on the matter, and this is regulated by legislation.

"Let pensioners rest assured: they will get an 11% rise, to the extent that this is up to the representatives of the executive. I suppose that the rest will hardly oppose this, either, but I'd rather not usurp anybody's functions. The rest who raised all that fuss will probably calm down, too. I hope they focus more on their election campaign," Glavchev added.