BULGARIA - State pensions will increase for the second time this year as of 1 July, after the National Social Security Institute approved the government's proposals to raise pensions in accordance with the 2006 budget framework.
The changes will see the average pension growing by 5% to around 151 leva per month. The lowest pension bracket, those below 120 leva a month, is also due to increase by the same amount. Pensions from 120 leva a month to 150, will be raised by 4%.
The imminent amendments were announced by labour and social policy minister Emilia Maslarova and finance minister Plamen Oresharski.
“Until recently, the pensions of many professionals fell below the poverty line, despite their years of experience,” Maslarova reportedly said.
The total cost of the pensions increase was estimated at around 74m leva, that is 0.16% of the projected GDP for 2006. This change is the second one this year, with the other having taken place last January.
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