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The Bulgarian Pension System: Caught Between Adequacy and Sustainability: Bulgaria
Author:
Jean-Jacques Hallaert
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https://orcid.org/0000-0002-0009-1622
Series:
Selected Issues Papers
Volume/Issue:
Volume 2024: Issue 021
Language:
English
Publication Date:
24 Jun 2024
DOI:
https://doi.org/10.5089/9798400279089.018
ISBN:
9798400279089
ISSN:
2958-7875
Pages:
20
Keywords:
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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IMF Selected Issues Papers are prepared by IMF staff as background documentation for periodic consultations with member countries. It is based on the information available at the time it was completed.
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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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Cover Selected Issues Papers
Selected Issues Papers
Publisher:
International Monetary Fund