Bulgaria: Minimum Wage becomes EUR 363 from Today
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Loading... - Stefan Nikolov
- 04 Apr 2022
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As of April 1, the minimum wage in the country is BGN 710 (EUR 363). According to the decree of the Council of Ministers, the minimum hourly rate is BGN 4 leva and 29 cents, which at working hours of eight hours in a 5-day working week makes BGN 710 a month.
Its increase is nearly 10% compared to the previous minimum wage of BGN 650.
The minimum wage will be changed from April 1 due to the later vote on this year's budget. Although the growth is from the beginning of the second quarter, and not traditionally from January, in reality, the budget came into force retroactively - from the beginning of the year.
However, an update is expected in the summer, with unions pushing for a new increase in the minimum wage. It is determined by a decree of the Council of Ministers but is equal to the lowest insurance income and in practice is part of the calculations of the general financial framework.
And more - again from today, the maximum insurance income becomes 3400 BGN (1738 EUR) instead of the previous 3000 BGN. This was one of the big disputes over the adoption of the budget but Asen Vassilev's idea eventually came into force.
The minimum insurance income of registered farmers and tobacco growers increases from BGN 420 to BGN 710.
The allowance for raising a child up to 2 years of age is also increased from BGN 650 to BGN 710.
Also, from April 1, the minimum insurance income of the self-insured will be increased from BGN 650 to BGN 710.
The price for the purchase of each month of insufficient insurance length of service for pension, as well as for completed higher or semi-higher education also increases by BGN 11.88. It will now cost BGN 140.58, as it is 19.8 percent of the minimum insurance income of the self-insured. Read More...
