Social Security

The country's social security system is in for seven difficult years, as up until 2030 the generation of baby boomers will be rushing to retire.

Experts point out that although the "great exodus" began in 2022 and will last until 2030, with about 165,000 to 200,000 people retiring annually, the bulk of retirements will occur from 2025 onward.

The sustainability of the social security system is considered assured until the distant 2070, according to a new study by the National Actuarial Authority submitted to the competent department of the European Commission.

The new reduction in social security contributions by employers, which the government plans to implement in two phases, will start in 2025, it has been confirmed.

Minister of Labor and Social Security Domna Michailidou spoke about the government's decision to proceed with the fourth consecutive increase of the minimum wage on radio station Parapolitika on Wednesday.

The Labor Ministry will grant social security capacity to approximately 100,000 self-employed people with small debts to the Single Social Security Entity (EFKA) - from a few cents to 100 euros.

A total of 89,328,030 euros will be disbursed to 80,380 beneficiaries from March 11 to 15 as part of the scheduled payments of Electronic Exchange of Social Security Information (e-ΕFΚΑ) and the Public Employment Service (DYPA).

From today, electronic applications for 74 administrative services are available in another 100 post offices in Bulgarian Posts, announced the state-owned company's press center.

As the government mulls over simplifying labor legislation in Türkiye, media reports are discussing the potential reduction of working hours. However, despite signals of change, concrete action is yet to be taken.

Workers in Austria are guaranteed a 30% increase in their net salary as soon as they have a second child, as deductions for taxes and social security are reduced. The Germans have the same treatment. The Belgians are even more fortunate, with an increase of 32%, the French are limited to 24% and the Czechs to 21%.

The new, increased minimum salary is expected to be implemented this year from April 1, earlier than planned, with the new minister of labor and social security, Domna Michailidou, announcing the filing of an amendment to speed up the process "so that the new increase can be taken into account for the tourism season."