Retirement

Bulgaria's education system is facing budget difficulties and a severe cadre crisis due to the retirement of teachers.

Since the beginning of 2016, 7,700 teachers have retired and this number is expected to grow to 10,000 by the end of the year. Initial expectations were for fewer than half this number of teachers to retire in 2016.

Tens of thousands of workers who have secured the right to retirement ahave rushed to submit their pension applications before new social security reform measures go into effect. Experts estimate that at least 40,000 retirement applications have been submitted by civil servants and private sector employees from the start of the year to April.

The draft legislation on social security and public sector pensions that has come to light provides that people planning to enter early retirement will see their pensions drastically slashed.

The Insurance Organization for the Self-Employed (OAEE) is undergoing a huge overhaul that includes a 2-year increase to the retirement age for those insured for 35 years and an additional seven years for mothers of minors (taxi drivers, women at sea, etc) as well as for parents of children with disabilities.

The new draft bill on social security system that Greek government proposes includes indirect pension cuts of up to 125 euros per month.

According to the newspaper “Eleftheros Typos”, Article 10 of the bill provides the child benefit included in the pension that it will be calculated based on new rates, 8 % for the first child, 10% for the second and 12% for the third child.

With the beginning of the new year, the minimum wage in Bulgaria increases to BGN 420.

The government expects that the increase will stimulate job seekers and ensure that people employed at the minimum wage will be able to better satisfy their needs.

The Organization for Economic Cooperation and Development (OECD) has released a report on the retirement systems of 34 industrial countries and show that poverty threatens Germany, too as Deutsche Welle reports.

The results of the report were presented on Tuesday at Berlin and there were not very promising for German pensioners.

The government council on the social security system is expected to unveil its new social policy over the coming days.

Hundreds of thousands of Greek pensioners awaiting their monthly retirement benefits are left stranded without funds that they are eligible for. There are currently 330,000 pending pension requests for main and auxiliary pensions and 61,000 lump sum payments outstanding. Social Security funds, however, are unable to proceed with their files.

Greek Deputy Labor and Social Security Minister Tassos Petropoulos left open the possiblity of lifting the retirement age in Greece to over 67 years in a circular that outlines a number of changes for those retiring after July 1, 2015.