President Parvanov imposes veto on the Public Social Insurance Act

Bulgarian President Georgi Parvanov imposed a veto on the 2012 Public Social Insurance Budget Act and returned it for a new discussion in Parliament. This became clear from the information published yesterday on the website of the Presidency. According to the Head of State, this law was adopted with substantial procedural violations and contains insurmountable legislative shortcomings affecting the basic and inalienable rights of the citizens. He also delivered his objections against the repeal of the indexation of pensions, the increased retirement age and the extended deadline for calculating the amount of benefits for temporary incapacity for work, for maternity and unemployment. Via the adopted law, the State system becomes unpredictable and inconsistent when determining the rules of the social policy, explicitly stated the President.

The legal regulation, which repeals the indexation of pensions and ignores the so-called Golden Swiss rule, is inappropriate, indicated Parvanov. According to him, the 6-month extension of the period for calculation of the benefits for temporary incapacity for work, maternity and unemployment will lead to a reduction in the compensatory payments. The increase in the pensionable age fails to take adequately into account the demographic processes in our country, the health status and life expectancy of the population, as well as the level of incomes and insurance payments, state the motives of the President. He agrees with the expert assessment that the changes in the retirement age do not guarantee the expected financial result and fail to comply with the labour market tendencies.

Georgi Parvanov stresses that the new law was adopted in breach of the established legal procedure. This creates prerequisites for contesting it as unconstitutional act. "I understand that the 2012 Public Social Insurance Budget will be implemented in terms of the global financial and economic crisis. Therefore, I have repeatedly appealed for the adoption of large-scale anti-crisis measures to curb the severe consequences of the crisis. I think that the social cost for overcoming the difficult stuation should be shared jointly by all social groups," stated the Head of State.

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