Pensions

Today's teenagers, the children born during the debt crisis of the previous decade, who will enter the labor market around 2030, will be able to retire at the age of 72.5 having worked at least 38.5 years, according to the European Commission's 2024 Aging Report - Economic and Budgetary Projections for the EU Member-States 2022-2070. 

Today, deputies voted to provide Easter supplements of BGN 100 to pensioners whose pensions fall below the poverty threshold of BGN 526. However, the decision was met with opposition from some parties, sparking debates over the allocation of funds and the fairness of the distribution.

Working pensioners have four months to apply on the special platform of the Single Social Security Entity (EFKA) to have the 10% special contribution deducted from their wage which will eventually lead to an increase in their pensions to the tune of up to 3,500 euros annually. 

The vast majority of self-employed professionals, who choose the lowest (or first) social security category, will pay almost 8 euros per month or €95.52 per year more in their contributions for main pensions and healthcare, in line with the inflation rate of 2023.

According to the amendments to the Law on Pension and Disability Insurance (PDI), which entered into force on September 15, 2023, effective from January 1, 2024, in the event of the death of a pensioner, the amounts of pensions and cash benefits belong to the last day of the month in which the beneficiary is passed away, announced the PIO Fund.

According to the last available statistical report of the Serbian PDI Fund, the highest pension in Serbia is exactly RSD 200,475.

Practically, and as per the Law on PDI, no retired person in Serbia can register more than 45 years of service or a personal coefficient higher than 3.8. Thus, therefore, the pension is "fixed" at this amount.

Bulgaria holds the distinction of having the shortest average pension duration among European Union nations. Across EU member states, retirement pensions typically last between 15 to 25 years. However, in Bulgaria, men receive pensions for an average of 14 years, while women receive them for nearly 19 years.

As of January 1, significant alterations have been implemented in the retirement age and mandatory service duration, impacting pension entitlements for both men and women.

The novel research focused on government health data from a pension program introduced in China in 2009

The pension increase for 2024 has been determined at 3%, with the first payment in January already scheduled for just before Christmas.

This practically means that retirees will receive a national pension raised from the current 413.76 euros to €426.17 (an increase of €12.41).