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

June 24, 2024

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.

Subject: Aging, COVID-19, Expenditure, Health, Income, Labor, National accounts, Pension spending, Pension system sustainability, Pensions, Population and demographics, Poverty, Revenue administration, Tax allowances, Taxes, Wages

Keywords: Aging, Bulgaria, COVID-19, Financial Sustainability, Fiscal Risk from Pensions, Income, Pension, Pension Adequacy, Pension spending, Pension system sustainability, Pensions, Population and demographics, Tax allowances, Wages

Pages:
20
Volume:
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DOI:
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Issue:
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Series:
Selected Issues Paper No. 2024/021
Stock No:
SIPEA2024021
ISBN:
9798400279089
ISSN:
2958-7875

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