Simeon Djankov: There are no funds for increasing the minimal wage

“Minister of Labor and Social Policy, Totyu Mladenov must find funds for increasing the minimum wage if he wants this to happen. There is no money in the budget for this,” said Minister of Finance Simeon Djankov to students participating in the "Manager for One Day” initiative on Tuesday. Yesterday, Finance Minister for a Day, Sarah Assenova, and her colleagues declared that they would increase the minimum wage, but but after consultation with business representatives, Djankov recapitulated his position on the issue.

“We are not conducting further analysis on this issue because the Ministry of Finance will not agree to increase the minimum wage this year,” was clear Djankov. According to the Deputy PM, Minister Mladenov would have to propose cuts within his administration if he wanted to find funds to implement this proposal. “The decision is now only up to Minister Totyu Mladenov,” Djankov said.
 
Djankov once again criticized the practice of seeking funds from the State without any idea where these would come from – something within the responsibilities of the Ministry of Finance.” Simeon Djankov did not agree with the estimates, submitted by the Ministry of Labor and Social Policy that about BNG 7 mln per month would be needed to cover the increase, because there are other payments linked to the minimum wage as well.

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