June 22, 2010

BULGARIA: By 2050, 46% of the Bulgarians will be of age over 65

SOFIA, Bulgaria / Standart News / June 22, 2010

By 2040 the population of Bulgaria will shrink by a million and a half, announced yesterday Hristina Mitreva, head of the National Insurance Institute. To her words, by that time 46% of the Bulgarians will be of age over 65. The number of pensioners will increase by 400,000 compared to their number in 2010.

Bulgaria's Minister of Social Policy and Labour, Totyo Mladenov and the director of the National Social Security Institute, Hristina Mitreva opened a debate on the pension reform in Bulgaria. Photo Georgi Nikolov

"The demographic problem is one of the chief issues concerning the pension system in Bulgaria," Mitreva said. The solution to the case is encouragement of young people's employment and their remaining for longer at the labour market, experts believe. For over a year the pensions expenses have increased by 680 million levs, although in 2010 pensions have not been raised, according to Mitreva. The Institute director believes that the securing of financial stability of the pension system is another serious problem.

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