Caretaker PM Glavchev: Government will support 11% increase of pensions

The Council of Ministers on May 13 held a briefing on the upcoming adjustment of pensions, at which caretaker Prime Minister, Dimitar Glavchev, assured pensioners that they will receive an 11% increase in their pensions.

"We are here for the sole purpose of bringing reassurance that pensioners will receive an 11% increase. Tomorrow, at the National Council of the National Social Security Institute (NSSI), we will support the proposal of the caretaker Minister of Labour and Social Policy, Ivaylo Ivanov for an 11% increase of the pensions," he said.

The caretaker PM said that the 11% rise will be supported even though NSSI experts have estimated that the rise should be 10%, as per the so-called "Swiss rule".

Caretaker Minister of Labour and Social Policy Ivaylo Ivanov added that the amount is secured.

"The amount for pensions is secured. It has been adopted by the National Assembly. So all estimates show that there is no reason not to increase them by 11%," added Ivaylo Ivanov, caretaker Minister of Labour and Social Policy.

According to the Social Insurance Code, pensions are increased according to the so-called "Swiss rule", but the final decision lies with the Supervisory Board of NSSI.

This creates a legislative possibility for pensions to be updated by a different percentage, although the calculations of the experts of NSSI show 10%.