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of the Republic of Bulgaria
Parliament freezes pension age and number of contributory years in 2014
The parliament has frozen the increase of the required age for retirement and the number of contributory years at the levels reached by the end of 2013. The rule will be applied in the year 2014. Thus in 2014 women who have reached the age of 60 years and 8 months and have worked and contributed for 34 years and 8 months may retire. As for men, the retirement age is set on 63 years and 8 months, the necessary years of work at 37 and 8 months. Persons(men and women) who have not reached the age or lack the necessary years of social security contributions may retire at age 65 and 8 months if they have contributed for at least 15 years. Pensions will be updated annually as of July 1st 2014 by decision of the Supervisory Board of the National Insurance Institute. The update will be carried by applying the so called “Swiss rule” – meaning a percentage equal to the total of 50% of the increase of the contributory income plus 50 % of the increase of the consumer prices index of the previous calendar year.
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