09.04.2021

How women receive a higher pension

Women in Bulgaria will stay longer in the labor market and thus receive higher pensions. This is provided by the National Action Plan for the Promotion of Equality between Women and Men, developed to implement the National Strategy for the Promotion of Gender Equality for 2021-2030 and uploaded for public discussion.

It states that the longer participation of women in insurance is a measure that will reduce the difference in the size of pensions between the sexes.

The increase in the retirement age is reflected in the longer stay on the labor market and, accordingly, the longer participation in insurance, which is important for the amount of the received pension.

The required length of service for acquiring the right to a pension for both sexes continues to increase by 2 months each year, reaching 36 years and 2 months for women and 39 years and 2 months for men in 2022. Every year the age for pension for both sexes until equal in 2037.

The plan aims to implement a unified policy on equality between women and men through the included measures of various institutions and organizations.

They are structured in five priority areas:

1. Equality of women and men in the labor market and equal degree of economic independence;
2. Reduction of the gender differences in pay and income;
3. Promoting equality of women and men in decision-making processes;
4. Combating violence and protecting and supporting victims;
5. Overcoming gender stereotypes in various spheres of public life and sexism.

Another measure mentioned in the Plan is the adopted amendments to the Social Security Code. According to them, when determining the amount of pension reduction by the National Social Security Institute, the transfer from the state budget in the amount of 12 percent on the sum of the insurance incomes of all insured persons for the period from 2009 to 2015 inclusive will be taken into account and the years of service with and without insurance in a private pension fund will be reported.

This will guarantee a higher amount of newly granted pensions for seniority and age of women born after December 31, 1959, the document reads.