The Bulgarian Pension System: Caught Between Adequacy and Sustainability: Bulgaria

During the COVID-19 pandemic, the Bulgarian authorities increased pensions substantially to support pensioners’ living standards and aggregate demand. These increases have become permanent and improved the adequacy of pensions.
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Volume/Issue: Volume 2024 Issue 021
Publication date: June 2024
ISBN: 9798400279089
$15.00
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Topics covered in this book

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Labor , Public Finance , Demography , Bulgaria , Pension , Pension Adequacy , Financial Sustainability , Fiscal Risk from Pensions , pension entitlement , pension level , entitlements in social insurance , IMF staff calculation , Pension spending , Pensions , Aging , Pension system sustainability , Tax allowances , Europe , Global

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Summary

During the COVID-19 pandemic, the Bulgarian authorities increased pensions substantially to support pensioners’ living standards and aggregate demand. These increases have become permanent and improved the adequacy of pensions. However, not matched by revenue measures, they have widened the deficit of the pension system. Reforms that increase the incentives to contribute to the pension system and thus revenue would improve the financial sustainability of the pension system and reduce fiscal risks.

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