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Vessela Karaivanova: 5.2 million leva per month and the pension ceiling falls

At this stage, there is no need to increase the retirement age! Another priority topic concerns the exchange of the leva for the euro from next year

Aug 7, 2025 17:22 260

Vessela Karaivanova: 5.2 million leva per month and the pension ceiling falls  - 1

At this stage, there is no need for a sharper increase in the retirement age, especially for people working under the conditions of the third category of labor. This was stated in an interview with BTA by the new manager of the National Social Security Institute Vessela Karaivanova.

According to her, taking into account the financial situation of the elderly and the expected life expectancy at the age of 65, which is significantly lower than in other European Union countries, such a measure is not justified at the moment.

Karaivanova recalled that in 2015, changes were made to the regulatory framework, according to which both the required age and the required insurance period gradually increase. "This process is not yet complete", she emphasized.

The insurance period for women should reach 37 years, and that for men - 40 years in 2027. The age for both women and men will equal that of men in 2037, reaching 65 years.

"After that, the retirement age is planned to be determined according to changes in life expectancy," explained the head of the National Social Security Institute.

Regarding the maximum amount of pensions, Karaivanova provided specific estimates. To completely eliminate the pension ceiling, 5.2 million leva are needed per month. To increase the ceiling from 3,400 leva to 3,600 leva, 1.4 million leva are needed per month.

With such an increase, the number of pensioners with pensions limited to the ceiling will decrease from 8,700 to 5,700, and 3,000 pensioners will receive the actual amounts of their pensions.

"From such a perspective, regular updating of the ceiling would have a positive impact on the system, especially in terms of increasing public trust in it and motivating people with high salaries to insure themselves on their real incomes," Karaivanova believes.

Another priority topic concerns the changeover from the lev to the euro next year. Karaivanova emphasized that upon the introduction of the euro, pensioners do not need to submit any applications to the National Social Security Institute.

"Their pensions will be officially recalculated at the fixed exchange rate of 1.95583 leva per 1 euro. The rounding will be entirely in favor of the pensioners," said the manager of the social security institute.

Karaivanova spoke about the development of the National Social Security Institute's Unified Portal for Electronic Services, implemented in March this year. It consolidates all existing administrative and reference service platforms at the institute.

"It is necessary to improve and expand the channels for accessing services, specifically with the elderly and those living in remote areas in mind," she emphasized.

The manager encouraged users to obtain a Personal Identification Code from the National Social Security Institute, which will free them from the obligation to visit receptions and save them time.