Minimum Wage to Become 240 Leva Next Year?

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Minimum Wage to Become 240 Leva Next Year?

According to the mid-term fiscal framework approved by the Government, the minimum monthly wage in the country will become 240 leva (122 euros) as of next year. Salaries in the public sector will grow 10% between 2009 – 2011.

The cabinet also forecasts inflation at 5.1% and budget surplus of 3% next year. The average pension is expected to reach 235 leva as of 1 October 2008 and 269 leva in 2009.

As far as the tax and insurance policy is concerned, the state will have a 12% share in Retirement fund in order to reduce the share of the grey economy. 8% will be paid by the worker and 10% by the employer.

Corporate tax will remain unchanged at 10%, VAT stays 20%. The minimum insurance income, however, will be raised from 240 to 260 leva next year.

The aim of the fiscal framework is to ensure economic growth and sustainable development in order to meet the Maastricht criteria for Bulgaria's accession to the Eurozone.

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