Pension

Bulgaria's Parliament voted to approve on 28th of June to increase the minimum retirement pension to BGN 180 (EUR 90) per month as of 1st of July and to BGN 200 (EUR 100) as of 1st of October 2017.

The decision was adopted unanimously at second reading, with 202 MPs voting in favour, no one voting against or abstained.

The Union of Greek Shipowners (EEE) decided at an extraordinary general meeting on Monday to extend the voluntary contribution its members pay to the Greek state for another year - i.e. through 2018.

The state has already budgeted for the collection of 40 million euros from this voluntary contribution for next year.

Poverty data from the Hellenic Statistical Authority (ELSTAT) illustrate the timeless significance of pensions when it comes to containing poverty risk in Greece, and the protection of sorts they provide for pensioners when compared with other social groups such as the unemployed or women.

Bulgaria's Parliament decided on 21st of June to increase the minimum retirement pension to 180 BGN (90 Euro) as of 1st of July and to 200 BGN (100 Euro) as of 1st of October 2017.

The decision was adopted unanimously at first reading, with 187 MPs voting in favour. The bill has been submitted by the Council of Ministers.

The Minister of Labour and Social Policy, Biser Petkov, informed on 8th of June in the Council of Ministers that the government approved the draft amendments to the State Social Security Budget Act and will be submitted to the National Assembly.

Almost a million Greeks risk facing unwanted surprises in the form of either a fresh cut to their pension or the imposition of additional social security contributions due to some unclear points in the law brought in by former labor minister Giorgos Katrougalos. The 2016 law concerns those who are involved in agricultural activities or declare an income from agriculture.

Social security contributions are starting to make little financial sense, given that no long-term investment of 100,000 euros would be considered even vaguely attractive if it took 32-34 years to get amortized.

As things stand now, Greek workers would need to live to be 101 to get back the amount of contributions they paid over their working life.

It was supposed to be a time to look forward to. After decades of work, retirement was for many meant to provide a chance to slow down and enjoy life. A holiday, an evening out with old friends, the odd fishing trip.

The average social security income for Bulgaria in March 2017 was BGN 811.13. The average monthly social security income for the country in the period April 1, 2016 - March 31, 2017 was BGN 781.25. This was announced by the National Social Security Institute.

Changes to Greek pension legislation, and in particular the reforms introduced by former labor and social security minister Giorgos Katrougalos, have led to a significant drop in the number of citizens applying for early retirement, with civil servants, and teachers in particular, among those increasingly reluctant to leave the work force, Kathimerini has learned.