Average Pensions in Bulgaria Will Exceed 90 Euro As of October 1 2007

Bulgaria's National Social Security Institute (NSSI) decided to increase the minimal pension as of October 1 2007.

The changes envision a reduction of social security installment from 23 to 22 per cent on a pensions fund for people born before January 1 1960, and from 18 to 17 per cent for people born after December 31 1959.

Social security installments to the unemployment fund will be reduced from three per cent to one per cent, NSSI said as quoted by Bulgarian National Radio.

As a result of the ten per cent pension increase, as of October 1 the minimal pension for length of service and age will become 102.85 leva, and the social pension for old age will be 76.23 per cent. The average pension is expected to reach 183.34 leva, slightly more than 90 euro.

A reduction in the social security installments to the pensions and unemployment funds will reduce revenue to both funds by 118.4 million euro.

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