02.12.2021
UNEMPLOYMENT IN OUR COUNTRY IS DECLINING, THERE IS NO CHANGE IN THE EU
Unemployment in the EU stabilized in October at September levels. For Bulgaria, the data of the European official statistics Eurostat show a decrease.
EU-wide unemployment remained at 6.7% in September, but well below the 7.5% level reached in October 2020. Within the euro area, unemployment fell to 7.3% in October from 7.4% a month earlier and compared to 8.4% in October 2020.
In our country, unemployment in October fell to 5.3% from 5.5% in September. A year earlier, it was at a level of 5.2 percent, BNR reported.
According to European statistics, a total of 14.312 million Europeans, of whom 12.045 million from the eurozone, were out of work in October, down from 77,000 in the EU compared to September and 64,000 in the eurozone alone.
Compared to a year earlier, unemployment in the EU fell by 1.650 million in October, and within the euro area - by 1.564 million.
According to Eurostat data, 172,000 people were unemployed in Bulgaria in October, down from 178,000 in September to 175,000 in October 2020.
02.12.2021
ROMANIA HAS TAKEN AN ADVANCE OF 1.8 BILLION EUROS UNDER THE RECOVERY PLAN
The European Commission has paid 1.8 billion euros to Romania as advance funding under the Recovery and Sustainability Plan.
This is 13% of the grant awarded, with which Bucharest can start implementing projects in the program. Romania is entitled to a total of 29.2 billion euros by 2024, of which 14.2 billion euros are grants and 14.9 billion are cheap loans. Its plan was approved by the European Commission on September 27, 2021.
In the coming years, Bucharest will spend 3.9 billion euros of money on a plan to modernize its railway infrastructure and purchase new zero-emission railcars and wagons; € 2.7 billion will be invested in renovating and seismically strengthening buildings; EUR 855 million is planned for the production of clean energy from renewable sources and hydrogen. The plan includes measures for biodiversity and environmental protection aimed at afforestation and the creation of nurseries for 1.1 billion euros.
€ 1.5 billion has been set aside for e-justice and digitalisation of the administration related to employment and social services, public procurement, cybersecurity and tax and customs authorities. They will build a protected state cloud infrastructure, and 8.5 million Romanians will receive electronic ID cards. The plan invests 470m euros in developing an integrated eHealth system connecting more than 25,000 healthcare providers and developing telemedicine systems. In addition, € 881 million will be allocated to the digitalisation of education, the improvement of digital pedagogical skills, educational content and equipment. Romania plans to invest 2 billion euros in European money to modernize its hospitals; EUR 3.9 billion is earmarked for the decarbonisation of transport and the improvement of road safety.
Bulgaria continues to negotiate with the European Commission on a draft € 6.6 billion grant plan, which it submitted to Brussels on October 15, 2021. The European Commission has two months to evaluate it before proposing it to member states for approval. If they do not vote by December 31, Bulgaria will not be able to benefit from advance funding for the programs and will be able to apply for funding next year.
The European Commission must give the green light to recovery plans in Hungary, Poland and Sweden. The Netherlands has not yet submitted its project to Brussels. All other members have already approved plans and most of them have received their advance payments. Spain filed a request in November for the first regular payment under the Recovery and Sustainability Mechanism after taking the advance in the summer.
02.12.2021
FINANCIAL MULES ARE EMPTYING BANK ACCOUNTS
Bulgarian law enforcement agencies have identified 96 "financial mules" and 4 recruiters, as well as 222 victims of criminal activity - 150 more than last year.
In connection with the fight against financial crime, in the course of the current campaign, with the help of banks in the country, 177 illegal transactions were identified - almost twice as many as last year, preventing damages of more than 5 million euros, according to the Association of banks in Bulgaria.
For the seventh year in a row, financial institutions and law enforcement agencies from 27 countries are participating in a joint campaign against money laundering and fundraising schemes.
These individuals have a key role to play in laundering money from a wide range of online scams, such as the recent phone scams, phishing scams with e-mails that mimic real sites, e-commerce scams, SIM card swaps, social engineering and more. The global campaign is organized by the European Cybercrime Center at Europol (EC3 - EUROPOL), and the partner is the European Banking Federation, of which the Association of Bulgarian Banks is a member.
A financial mule is a person who transfers illegally acquired funds between different bank accounts, often in different countries, and receives a commission for this activity. According to Europol statistics, in 95% of cases "financial mules" are used to embezzle money transferred from previous cybercrime activities.
The funds are often used to finance other criminal activities and money laundering.
Various schemes are used to raise "financial mules", such as dating sites, through which criminals try to persuade their victims to open bank accounts to send or receive funds. Also, through posts on social networks with tempting job offers, ensuring easy and quick enrichment, the goal is to attract the attention of students and young people.
Criminals are increasingly resourceful, often taking advantage of real-life events to make their proposals look more credible, such as the ongoing COVID-19 pandemic. They aim to attract representatives of the most vulnerable groups who need money - students, people who have lost their jobs, and others. They often use information about the people they have identified, which they have obtained through social networks.
It is important to know that even if people used as “financial mules” were unaware that they were involved in illegal money laundering activities, they are committing a crime by transferring funds and this can have serious consequences for them.
If you think that they are trying to use you as a "financial mule", you should take immediate action before it is too late: do not transfer funds, notify your bank and the police immediately, advises the Association of Banks in Bulgaria.
02.12.2021
THE DIGITALIZATION OF SMALL AND MEDIUM-SIZED BUSINESSES - HOW IMPORTANT IS COST CONTROL
On November 30, 2021, a webinar on "Digitalization of small and medium-sized businesses - the engine of financial management and cost control" was held, organized by Enterprise magazine.
The official partners of the event are the developer of business process automation software products Contro and the mobile payment technology company Settle.
The event was held with the support of the Bulgarian Small and Medium Enterprises Promotion Agency (BSMEPA), the Bulgarian Industrial Association (BIA) and the Bulgarian Chamber of Commerce and Industry (BCCI).
Vladimir Minev, Director of the Directorate "Internationalization of SMEs" at BSMEPA, presented the National Strategy for Small and Medium Enterprises until 2027 and its priorities and goals.
The digitalization of SMEs is one of the six areas of impact included in the strategy - entrepreneurship, access to markets, access to finance, digitalization, business environment, environment, he said.
According to him, it is important for SMEs in Bulgaria to realize the importance of information technology in order to increase their profits. SMEs to take an active part in training related to digital technologies in order to improve the skills of their employees.
Vladimir Minev stressed that Bulgaria is the country in the EU with the weakest application of digital technologies in business, according to the DESI index.
He recommended that businesses review their processes, look for duplicate patterns, identify areas where the same information is entered more than once, to identify areas for digital transformation.
The digital transformation is a journey, not a one-time purchase, he said, advising not to rely on outdated technologies, not to invest in untested solutions and not to ignore information technology as part of the business.
Krum Alexiev, Director of Corporate Clients at Unicredit Bulbank, presented a forecast for the dynamics of Bulgaria's GDP and the country's macroeconomic framework in the context of the health crisis, a jump in fuel and electricity prices and a political blockade.
He also presented the bank's service model and business opportunities.
Yordan Karabinov, Managing Partner at Contro, spoke about the digitalization of control and cost implementation, presenting the company's practical solution together with Velizar Dimitrov, CFO of Novotel, users of the solution.
The software eliminates paper, provides real information in real time in order to make adequate management decisions, commented Yordan Karabinov.
Velizar Dimitrov pointed out that the hotel embarked on the journey to digitalization 7 years ago. The processes we control with this program are the approval of each expenditure by departments and items, the stages of contracts, control of expenditures on them. That is how we make informed and timely decisions, he said.
The software solution is also used as an archive because documents are not printed, he added.
The two demonstrated the possibilities of the solution in different situations.
Detelina Momcheva, Acting Country head, Settle Bulgaria, talks about innovations and trends in payment methods. She presented data according to which 4.4 billion users worldwide will use a mobile application for payment by 2025 compared to 2.6 billion in 2020; 3 trillion the dollar is the projected volume of the global mobile payments market by 2024; 68% of Europeans have a mobile wallet; 39% of consumers would use more mobile payments if merchants offer them.
In 2020, the use of mobile wallets when paying in physical stores will reach 26%, she added. 44.5% of consumers choose mobile payment when shopping online.
Nearly a third of Bulgarians refuse to shop in outlets that pay only in cash, added Detelina Momcheva.
Mobile payments guarantee security, remote payment, allow different sources of financing, do not impose restrictions on a bank or mobile operator.
Settle builds an ecosystem through which the user receives and sends money instantly, has access to a list of businesses and offers in the application, chats with other users, pays from any available card, transfers money to any available bank account.
With Settle, businesses accept payments from any location, reach more customers, accept on-site or delivery orders, and integrate solutions.
02.12.2021
SEVEN CHALLENGES FOR SAVING MONEY IN 2022
Did you know that if you want to save BGN 50 in a given month, it means that you need to set aside BGN 1.66 per day. In case you want to save BGN 100 per month, the amount is double - BGN 3.33 per day. Do you want more similar examples? Both at the end of each year and this year, we will present you several challenges to save money. We start with the smallest amount and move on to the more difficult tasks. Which challenge did you choose?
BGN 668 for the year
Everyone, even people working on the minimum wage, can meet this challenge. It is so easy. Start with BGN 0.01 a day and increase by another 1 stotinka every 24 hours. Thus, on the last day of the year you will have to set aside BGN 3.65. In total for the year this makes BGN 667.95.
BGN 1,378 for 2022
The year has 52 weeks. If in the first week of the year you save BGN 1, and in the second - two, etc., then at the end of the year you will have BGN 1,378. The amount may be enough for a vacation, a new phone, or repaying part of your loans.
BGN 2,425 for 52 weeks
Start with BGN 5 per week and every 7 days increase by another BGN 5 until reaching BGN 95. Instead of adding BGN 100 next week, go back to BGN 5 and start over.
BGN 2,766 for the year
And how about starting with BGN 2 per week and increasing with a new BGN 2 every 7 days. In other words, on the fifth week you will have to save BGN 10, and on the 20th week - BGN 40. In the last week of the year you will have the difficult task of setting aside BGN 108.
BGN 1,000 for the quarter, BGN 4,000 for the year
Given that you need BGN 1,000, you should know that the amount can be saved for 12 weeks, in which you spend BGN 84 each. This makes BGN 1,008 or BGN 4,032 for the year, if you think the challenge is worth it.
BGN 5,200 for the year
It may be difficult to save BGN 100 per week, but at the end of 2022 you will definitely be satisfied. 52 weeks pass quickly, and you will have a good amount to start an investment portfolio.
Only for professionals: BGN 10,000 per year
Given that you have a higher income, you should know that it is good to have savings, with which you can spend 6-8 months without work. The emergency fund can be replenished in a few months or a year or two. We challenge you to save BGN 125, 150, 175 and 300 every four weeks. Thus, at the end of the year you will have the round sum of BGN 10 thousand.
01.12.2021
THE CABINET HAS ALLOCATED NEARLY BGN 2.6 MILLION UNDER EDUCATION PROGRAMS
Today, the Council of Ministers allocated nearly BGN 2.6 million to finance activities under four national programs for the development of education. The funds are provided as additional transfers to municipal budgets for 2021, said the press center of the Ministry of Education and Science.
Most of the funding - just over BGN 1.7 million, is provided under the national program "Information and Communication Technologies (ICT) in the system of preschool and school education". They will be divided into two types of activities. BGN 1.2 million are for the implementation of educational electronic resources, vocational training software and electronic diary.
They will finance 1436 municipal schools, centers for special educational support and support for personal development, who want to use an electronic diary in the school year 2021/2022. Electronic diaries will be available through standard browsers and mobile devices, will have a module for parents.
Nearly BGN 86,000 are allocated under this program for 19 municipal high schools for the purchase of vocational training software. More than BGN 432,000 are received by 1,295 municipal schools, centers for support for personal development and for special educational support, which have requested funds for internet connectivity. Funds are allocated according to the number of students.
Under the national program "Together for each child" BGN 23,000 are allocated, which will support the teams for coverage in 51 municipal schools and 4 kindergartens. The funds are intended to finance the activities of the coverage teams, to develop and implement a set of measures for each child and student who has dropped out or is at risk of dropping out of the education system.
Nearly BGN 710,000 are allocated for eight municipal schools for their teams, which have prepared 27 textbooks in general education subjects in a foreign language.
BGN 118,000 under the program "Training for IT skills and career" will be distributed among three municipal schools, in which 119 students will be trained. 15 teachers will upgrade their skills for developing digital content and working in a digital environment. Eligible partners are universities and branch or professional organizations of companies in the IT sector.
01.12.2021
ANOTHER BGN 100 MILLION HAVE BEEN APPROVED UNDER THE MEASURE " KEEP ME +"
The government approved additional expenditures amounting to BGN 100m from the budget of the Ministry of Labor and Social Policy. The funds will be used under the measure "Keep me +" for the payment of compensation to employees and self-employed persons in the economic activities temporarily closed by an act of a state body due to Covid.
They will be entitled to receive funds in the amount of 75% of their insurance income for July 2021 for the days during which they used unpaid leave due to the imposed restrictions. By allocating the additional financial resource, about 60,000 employees will keep their jobs.
01.12.2021
NEW DEADLINES FOR TRANSFERRING THE SECOND PENSION TO THE NATIONAL SOCIAL SECURITY INSTITUTE
From the beginning of next year, new deadlines for the transfer of the second pension to the National Social Security Institute come into force.
From January 1, 2022 to December 31, 2025 a person will be able to change his insurance up to 1 year before reaching retirement age under Art. 68, para. 1 of SSC.
From 1 January 2026 to 31 December 2030 the term is extended to 2 years. From 1 January 2031 to 31 December 2035 it becomes 3 years, from 1 January 2036 to 31 December 2037 - 4 and after January 1, 2038 - 5 years.
At the end of June this year, another postponement for the transfer of the insurance for a second pension to the National Social Security Institute expired. This opportunity was given to people who missed the deadline to give up private pension funds. It provides for Bulgarians who until June 30, 2021 inclusive have less than 5 years to reach retirement age for the third category of work and who have not been granted a one-time pension, until June 30, 2021 to exercise the right of their choice to be insured only in the NSSI.
Everyone can check what pension they will receive through the NSSI electronic calculator and personal identification code.
01.12.2021
THEY GIVE GRANTS OF UP TO BGN 30,000 TO SMALL FARMS
The Ministry of Agriculture opened the reception under sub-measure 6.3 "Start-up aid for the development of small farms" of the Rural Development Program 2014-2020. The total amount of grants under the procedure is nearly BGN 40 million.
It aims to accelerate the modernization and technological renewal of small farms by increasing their economic development. Priority will be given to projects of candidates with education in agriculture, organic producers, as well as those who operate in mountainous areas.
Documents for participation can be submitted until 17:30 on 02.03.2022, and the full package can be found on the website of the Ministry of Agriculture, Food and Forestry: https://www.mzh.government.bg/bg/politiki-i-programi/programi-za-finansirane/programa-za-razvitie-na-selskite-rayoni/ and in the Information System for Management and Monitoring (UMIS 2020). The application and evaluation of proposals will be entirely electronic.
Potential applicants must be registered farmers and own a holding with a standard production volume (SPO) between the BGN equivalent of EUR 2,000 and EUR 7,999, inclusive.
The maximum amount of funds for one candidate is up to BGN 30,000, and their payment will be made in two stages. The first payment will be worth nearly BGN 20,000 and will be made within two months after the conclusion of the administrative contract. The final payment will be made after the exact implementation of the business plan, which will be certified by an on-site inspection by the State Fund "Agriculture" - Paying Agency.
We remind you that small farmers can use the services of the National Agricultural Advisory Service, which provides free of charge specialized consulting services, including the preparation of business plans for the sub-measure.
01.12.2021
ENTREPRENEURSHIP: HOW TRADERS CAN HAVE A SUCCESSFUL BUSINESS IN A PANDEMIC
To have a successful business in a pandemic, retailers need to turn stores into mini-distribution centers where customers can order online and pick up purchases, or arrange for immediate delivery. This is recommended by the international company Brother, the Bulgarian office of the company reports.
The announcement states that 34 percent of traders report an increase in revenue after offering an online ordering and collection service. Alternatively, traders can place orders for goods they have in stock and then distribute them through various delivery services.
During the strict restrictions associated with Covid, buyers felt very comfortable with faster contactless payment options, which they considered safer and more hygienic. Merchants are exploring options that allow consumers to pay according to their preferred method - whether they use a card, their phone or even portable technologies such as smart watches.
Traders who show social responsibility during a pandemic will gain more customers when life returns to normal, Brother said. Nearly two-thirds of consumers say ethical practices, such as fair pay, community contribution and care for the environment, are becoming increasingly important to them as a result of the pandemic. This position is most pronounced among buyers between the ages of 18 and 34, according to the company.
Most social platforms have embraced the possibility of "social trading". Facebook, Instagram and Snapchat have already introduced e-commerce features, and TikTok is testing e-commerce features in Europe, experts say.
