The range in which the minimum wage for 2027 should be determined is between 620.20 euros and 672.80 euros, with the Ministry of Finance doing everything possible to ensure that the amount is as close to the maximum limit as possible. This was stated by Deputy Prime Minister and Minister of Finance Galab Donev to journalists after the end of the opening ceremony of the new academic year at the capital's 35th SEU "Dobri Voynikov", at which he was an official guest.
According to Donev, the negotiation of the mechanism for determining the amount of the minimum wage with the social partners is an "exceptional breakthrough". He explained that a vote is forthcoming in the National Assembly on the four criteria for determining the minimum wage listed in the Labor Code, after which the relevant regulations must be amended and supplemented in order to proceed with the adoption of the exact amount by the Council of Ministers, since at the moment the trade union and employer organizations have not been able to reach an agreement. The minimum wage range agreed upon by the social partners is between 620.20 euros and 672.80 euros.
“We are doing everything possible to ensure that the minimum wage is as close to the upper limit of this range as possible“, said the Finance Minister.
Donev said that the minimum wage is part of a new social package being developed jointly with the Ministry of Labor and Social Policy. According to him, the package will be proposed through the 2027 budget, with the aim of supporting children and families. Asked whether this meant an increase in maternity benefits, he replied that there was no area in which there would be no correction and change in parameters.
Donev also stated that within the framework of the social package, an increase in pensions under the Swiss rule is also envisaged.
The Deputy Prime Minister announced that the budget procedure for 2027 has already started and work is being actively carried out so that by October 15, the general framework and general parameters of the budget for next year with the requirements regarding the excessive deficit procedure in which Bulgaria is located will be presented to the European Commission. The Finance Minister stated that efforts are being made to keep the deficit for next year below the estimated 3.8 percent.
“We are doing everything possible, our priority is to keep this budget deficit of 3.8 percent as small as possible, to fall within the limits set by the Maastricht criteria“, said Galab Donev.
Regarding the deficit for this year, which is estimated at 5.7 percent, Donev indicated that efforts are being made to consolidate spending, but whether the size of the negative balance will be lower than planned depends on the implementation of the budget by the end of the year. He recalled that this year's budget was adopted at the end of July, which has shifted the entire budget cycle by more than half a year, and the implementation of the capital program has been shifted to the third and especially the fourth quarter of this year.
So whether the deficit for this year will be below the set 5.7 percent depends on what projects will be implemented and what expenses will be reported by the primary and secondary budget spending units.
Donev noted that despite efforts to consolidate expenses, if municipalities and ministries fail to implement the projects set in the capital program for this year, this would mean shifting expenses to next year, which in turn would not be good news from the point of view of budget planning.
Galub Donev also pointed out that by the end of the year Bulgaria will probably once again enter the international debt markets.
„We should exit with a new issue of external debt by the end of the year. You know that we have not raised the entire amount of debt that was voted by the National Assembly. So far, we have raised debt that is necessary for payments under the Recovery and Sustainability Plan, so we should go out again and have an issue of external debt“, he said.
The Deputy Prime Minister also congratulated all students at home and abroad on the new school year.
In a short speech to the students of the 35th SEU “Dobri Voynikov“, of which he is a graduate, he recalled the education he received at the school, wishing a successful and fruitful new school year.