The final amount of the minimum wage for next year will become clear by the end of October. Currently, the amount being discussed is 660 euros, but there is still a possibility that it can be increased. This was stated by Social Minister Natalia Efremova, quoted by Nova TV.
According to her, final talks with the Ministry of Finance are coming up, within which an opportunity to determine the maximum possible amount of the minimum wage will be sought. “I also count as the Minister of Social Affairs that we still have the opportunity for final talks with the Ministry of Finance to determine the maximum possible amount“, said Efremova.
She explained that the possible increase will depend on the revenues in the state budget. If additional revenues are secured, more funds can be provided for social spending.
The Minister recalled that Bulgaria continues to operate in conditions of budget deficit, which imposes restrictions on spending planning and compliance with the requirements of the European Commission.
Efremova announced that in the field of social policy and employment, an increase in funds by over 300 million euros is planned. The additional funding will be directed to support families with children, pensions and incomes. In some sectors, including education, the planned growth in wages will be higher than the overall growth for the country. The Social Minister stressed that the government is seeking a balance between the need to limit the budget deficit and maintain social payments.
“We are holding talks on all parameters of the budget between all ministers in order to be able to enter the framework that is necessary for moderate fiscal consolidation - reducing the budget deficit, but not with drastic measures that would be borne by the population“, she explained.
According to Efremova, savings alone will not be enough to significantly increase social spending. Therefore, the main hopes are related to the possibility of additional budget revenues.
It is expected that by October 31, all main parameters of the budget will be specified in order to begin its public discussion. Official consultations within the framework of the tripartite dialogue will also start in early November. The National Social Security Institute's Supervisory Board is about to review the state social security budget.
The goal is to submit the draft budget to the National Assembly in November, so that MPs have enough time to discuss and adopt it before the end of the year.
The topic of income is also in focus at an international conference organized by the European Trade Union Confederation. The forum “Bargaining-Up: Raising wages through collective bargaining“ is being held on October 20 and 21, hosted by the Confederation of Bulgarian Trade Unions. Participants discuss the state of collective bargaining, minimum wage policies in Bulgaria and the European Union, as well as the implementation of the European Directive on Adequate Minimum Remuneration.