National Social Security Institute approved to update pensions by 11%

The Supervisory Board of the National Social Security Institute (NSSI) decided to increase pensions by 11% from July 1, 2024, the caretaker Minister of Labour and Social Policy and member of the Supervisory Board, Ivaylo Ivanov, said after a meeting of NSSI on May 14.

Only the Industrial Capital Association voted "abstain". The decision of the Supervisory Board is final, caretaker Minister Ivaylo Ivanov explained.

A report by experts from the National Social Security Institute showed that the update of pensions should be by 10%. The reason - the average social security income and inflation have risen by less than projected at the end of last year. According to the Social Security Code, pension updates depend on these indicators.

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

Yesterday, the caretaker Prime Minister said that the indexation according to the Swiss rule will be 11%, as set in the Law on the budget of the Social Security Fund for this year.

After the meeting of the Supervisory Board of the National Social Security Institute, the caretaker Social Policy Minister explained that it was not necessary for the Parliament to meet in an extraordinary sitting, as one of the parliamentary groups demanded.

The Easter supplements will not affect the increase in pensions. One has nothing to do with the other. Parliament cannot take decisions, this is the responsibility of the Supervisory Board of the National Social Security Institute, which decides how much to increase pensions, Ivaylo Ivanov said.

"Politicians should not influence the decision-making of an independent body, AICB did not ask for 10%. They abstained," Ivanov added.