The Cabinet approved an increase in the minimum wage

The Cabinet approved the new parameters of the minimum wage. From 1 January next year it becomes BGN 933, which is nearly 20% more than the current size. It is calculated according to the new formula, based on the annual average wage.

"Today we are going to take one of the most important decisions related to the preparation of the budget for 2024. We have to take a decision on the increase of the minimum wage by 153 BGN. So that from 780 BGN for 2023, it becomes 933 BGN from 1 January 2024," Prime Minister Nikolai Denkov said at the beginning of the regular meeting of the Council of Ministers on October 11.

“With this decision, we will fulfil one of our commitments to reduce inequality in Bulgaria, which is too high compared to other EU countries. Bulgaria continues to be the country with the lowest wages in the community, so we need to gradually get out of the situation of an economy that attracts investors mainly because of the low wages of employees. We need to increasingly attract investors to high value-added, high quality industries and a trained workforce," the Prime Minister explained.