The minimum social security thresholds to be increased

The social partners reached an agreement for an increase in the minimum social security thresholds in 2012 for a total of 32 out of the 80 economic activities, classified according to the Bulgarian regulations, announced yesterday the Bulgarian Industrial Association (BIA). The average increase in the insurable income according to the recently contracted rate amounts to 7.2% and affects overall 1,019 million socially secured citizens.

The highest hike of 20.3 % in the minimum insurable earnings is in the beekeeping sector. As a result, specialists in beekeeping cannot be insured at less than BGN 860, while the head of a beekeeping enterprise cannot be secured at less than BGN 1,100. Besides, the minimum social security thresholds in the plant-growing industry will rise by 11.4%, while the increase for the hotel-keeping and restaurant sectors, as well as for tour operators, will be 14.2%. In the tourism sector, each specialist must be insured at the minimum of BGN 820, while the director should be secured at BGN 920 and the service staff – at BGN 430-470. In the trade sector, the insurance thresholds will rise by about 10%. There, each director should be insured at the minimum of BGN 900. According to business sector representatives and economists, the increase in the minimum insurance thresholds at the time of an insecure labour market may lead to growth of the informal sector in the Bulgaria economy.

The minimum insurance thresholds that have not been negotiated yet should be discussed at the National Council for Tripartite Cooperation, explained Minister of Labour and Social Policy Totyu Mladenov.

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