22.11.2022

MORE AND MORE PEOPLE ARE WORKING AFTER RETIREMENT

The tendency for the Bulgarian to work after retirement is becoming more and more distinct. In 2018, pensioners with a personal pension who are working reached 295,500 people, and for the period 2014-2018, the number of working pensioners increased by about 30 percent. These are the trends that are naturally imposed due to the demographic crisis, growing into a catastrophe that we have not yet realized, commented Svetlana Doncheva - head of the "Center for Project Management" at the Bulgarian Industrial Association (BIA).

These days, at an international conference, part of the results of the project "Inspired by experience: Longer together - a path to success" were presented, financed by the European Social Fund through the operational program "Development of human resources", which is being worked on in the period 2019-2021

The processing industry, education and healthcare are the three sectors in which the aging of the labor force is felt most strongly, noted Doncheva. "Arena of youth" are the IT sector, financial and insurance sectors.

The lack of labor force is felt in almost all spheres of economic life, and the lack of highly qualified specialists directly affects the competitiveness of Bulgarian companies. In just ten years, according to the last population census, the number of the working population in Bulgaria has decreased by 415,000 people. This trend will deepen if there are no adequate policies.

Generation T

The positive trend of increasing the average life expectancy naturally leads to an increase in working life as well. For 2022, in Bulgaria, men who have reached the age of 64 years and 5 months with 39 years and 2 months of service, and women who have reached 61 years and 10 months with 36 years of service have the right to receive a pension for insurance service and age and 2 months.

Smoothly until 2037, according to the age criterion, both sexes will equalize and retire at 65 years. This process of an increasingly long working life, combined with the negative demographic processes that lead to a decrease in the total number of working population, determines the increasing importance of the so-called generation T (the traditionalists), commented the expert. These are the people who grew up in the period of the establishment of socialism and the state planned economy and who have to extend their stay at the workplace because there is no one to replace them.

She pointed out that this problem is particularly sensitive in traditional industries, such as manufacturing, and added that it will deepen. The demographic replacement rate in Bulgaria has an extremely negative value - 69, which means that for every 100 people who leave the working age, 69 are replaced, the remaining 31 are not, and they are usually replaced by people who are already in Retirement age. According to the expert, we will increasingly see working pensioners.

The other industries that account for large numbers of working people, both pre- and post-retirement age, are education and healthcare. The shortage of personnel in health care is appalling, and in education, despite the fact that much has been done in recent years to make this profession more attractive to young people, there are still not enough positive results. The share of teachers in pre-retirement and post-retirement age is still high, one of the reasons being precisely the lack of young specialists to replace them.

Working after retirement is not so scary

Actually, according to experts, working past retirement age isn't so scary. This is a matter of personal perception and need or need, but in order for this to actually happen, it is necessary to provide the appropriate working conditions, tailored to the workplace needs of the older generations. These people become the most valuable employees and they must be retained.

This is starting to be realized by more and more employers, the expert said. The most expensive measures to implement are related to the adaptation of workplaces and improvement of working conditions to the needs of generation T. Other measures that are recommended to be included in the company's internal programs are related to the imposition of a new understanding, that the specifics of different generations should be used to create a working environment that highlights the strengths of each generation, promotes mutual understanding and solidarity between different generations in the interest of common business goals.

Youth versus experience

Usually, in a work environment where people of different generations have to work in a team, conflicts are related to attitudes to work and new technologies. They are also the most common prerequisite for the occurrence of discrimination in the workplace. It is not news that older people have a harder time accepting technological innovations, while their younger colleagues absorb them faster. At some point, the traditional hierarchy breaks down and young people advance more in the profession, because they learn technology faster, and then prejudices are created against older people, that they are no longer fit for work, the expert's observations show.

According to her, the task of team leaders is to create an atmosphere of solidarity, because in fact, Generation T does not mind learning and absorbing technical innovations, but they need enough time for this. The expert's observations show that older employees prefer not to go to traditional courses to improve digital skills, but rather want it to happen in the form of an exchange of experience at their workplace and through company training.

Conflict in the multigenerational workplace is also generated from the old to the young, born of the understanding of Generation T that success and rising in the hierarchy come after many years of hard work, and the misunderstanding of the young that success and promotion can happen "in one night".

Regarding the motivational factors that drive different generations, the research debunks a myth about younger workers. For representatives of Generation Z (born between 1993 and 2001), not the amount of remuneration, but meaningful work is of primary importance. For them to feel engaged, the work must be challenging and varied. They are looking for exciting projects and ventures, causes to which they can give all their time, energy and passion.

Generation T in Europe

The eDigiStars project, in which 19 other organizations from 8 Danube countries are partners, aimed at increasing the digital skills of Generation T, is based on the common understanding that, regardless of nationality, older workers have their place in the labor market even in digital technology professions. The needs of generation T in the countries of Central and Eastern Europe are similar and require similar measures - appropriate motivation, adapted trainings and learning contents, and a recognized certification system to determine the quality of training. Above all, however, there is a change in the attitudes of older employees, who must realize that modern work requires continuous improvement and upgrading of existing knowledge and skills.

21.11.2022

THE EC WARNED OF THE BEGINNING OF THE RECESSION

The European Commission (EC) has lowered its forecast for EU GDP growth in 2023 from 1.5% to 0.3%, noting that in the fourth quarter of 2022 the economies of most of the bloc's countries will not avoid recession.

Amid heightened uncertainty, high energy price pressures, declining household purchasing power, a weaker external environment and tight financing conditions, the euro area and most member states are expected to enter recession, the EC report said for the quarter.

By the end of 2022, the average economic growth of EU member states is expected to be 3.3%. The European Commission attributes the improved forecast to an increase in consumer spending on services following the lifting of restrictions imposed due to COVID-19. In the second half of this year, the Eurozone economy entered a more difficult phase. As a result, economic growth will decline by 0.5% in the final three months of the year and then decline by a further 0.1% in the first quarter of 2023.

According to the report, the economy of three countries will eventually face a decline in 2023. These are Germany, Sweden and Latvia. At the same time, the GDP of Germany, the largest economy in the bloc, will decrease by 0.6% for the year and will be the worst indicator in the eurozone.

According to the EC's forecast, in 2024, Europe's economy will gain momentum, increasing by 1.6% in the EU and by 1.5% in the Eurozone. Brussels officials admit that the EU's economic outlook "remains extremely uncertain" as Russia's military actions continue in Ukraine, and "the potential for further economic operations is far from exhausted".

According to the European Commissioner for the Economy, Paolo Gentiloni, the main threat comes from the unfavorable development of the gas market and the risk of shortages, especially in the winter of 2023-2024.

"Rising energy prices and rampant inflation are now taking their toll and we are facing a very difficult period both socially and economically," he stressed.

The eurozone economy is suffering from record inflation, which hit an all-time high of 10.7% in October. Price growth is expected to be 8.5% at the end of the year and 6.1% in 2023.

18.11.2022

LIFETIME DISABILITY IS AVAILABLE FOR CERTAIN ILLNESSES

The Ministry of Health proposes changes to the Ordinance on medical expertise. They envisage increasing the percentage of permanently reduced work capacity and the type and degree of disability in some diseases, and in others the term of disability will become lifelong.

For example, type 2 diabetes patients with two or more complications are proposed to have a lifetime disability. The reason is that at this stage of the development of the disease, the prognosis for improving the condition is negative, it is written in the reasons for the bill. Lifetime disability is also offered to people suffering from very frequent and severe epileptic seizures, as well as to those with severe Multiple Sclerosis.

In the case of moderate epileptic seizures, the percentage of permanently reduced working capacity and the type and degree of disability is predicted to change from 70 to 71, which places patients in the higher disability group. Lifetime has also been suggested in thyroid carcinoma and survival beyond five years.

For children and adults with mental illnesses, foreign aid can also be determined for a degree of disability below 90 percent, depending on the nature of the illness and the possibility of raising the children outside the family (nursery, kindergarten, school, etc.), and for persons with mental illnesses and depending on the loss of basic social and key skills, leading to the impossibility of existing without control, the changes also foresee.

A completely new classification of degrees of hearing loss and their corresponding evaluation in percentages is also proposed, according to the latest classification of the World Health Organization, related to the application of the Claudel Portman table.

According to a new methodology, the percentage of reduced working capacity and degree of disability will be determined when several disabilities are present.

The assessment is determined by adding 20% ​​of the sum of the percentages of the other accompanying disabilities to the highest percentage based on the relevant starting point of the most severe (leading) disability, and if it is not 100%. In the case of a determined 100% permanently reduced working capacity/type and degree of disability according to the relevant starting point of the most severe (leading) disability, the accompanying disabilities are not added to the assessment, but are written in the reasons for the expert decision, together with the relevant starting point and percentage.

Issuance of a sick leave for looking after a child up to the age of 12, attending a children's institution or school, in contact with an infectious person, mandatorily quarantined at home, and for looking after a child up to the age of 12, attending a children's institution or a school, returned from there, due to quarantine imposed on that establishment or school, or on a particular group or class therein.

17.11.2022

UNEMPLOYMENT IN OUR COUNTRY IN OCTOBER IS 4.3 PERCENT

The level of registered unemployment in the country of 4.3 percent was reported in October by the administrative statistics of the Employment Agency.

From there, they note that after the end of seasonal employment, on a monthly basis, a very slight increase of 0.1 percentage points is observed compared to September 2022. In the dynamics on an annual basis, a decline is still observed, which for this October is 0.4 percentage points.

At the end of the month, the registered unemployed at the labor offices totaled 141,987. This is 3,607 more than the record low number reported in September, according to the Employment Agency.

During the month, 25,482 new unemployed were registered. They are 3168 more than the previous month and 150 people more than those registered in October 2021. Another 695 people from the groups of jobseekers employed, students and pensioners also registered at the labor offices during the month.

There were 12,846 unemployed people who started work in October. 242 persons from the groups of pensioners, students and the employed also found work through the employment offices. During the month, the largest share of those who started work in the processing industry sector - 19 percent, followed by those in trade - 12.8 percent, hotels and restaurants - 6.7 percent, state administration - 6.3 percent, construction – 5.9 percent and others.

The statistics report that 1,884 unemployed people from the risk groups were assigned to subsidized jobs during the month - 1,477 under employment programs and measures and 407 under the Operational Program "Human Resources Development" schemes. During the month, 415 unemployed and employed persons were included in various trainings, and 529 completed the training started in previous months, acquiring a new profession or key competence.

Claimed jobs on the primary labor market in October were 11,521. The largest number of job vacancies in the real economy were claimed in the manufacturing industry (32.4 percent), followed by trade, car and motorcycle repair (12.8 percent), hotel and restaurant industry (10.5 percent), education (8.1 percent), administrative and auxiliary activities (7.7 percent) and public administration (6.2 percent).

The most sought-after professions by businesses during the month are: machine operators of stationary machines and equipment; sellers; personnel employed in the field of personal services; workers in the mining and processing industries, construction and transport; staff caring for people; metallurgists, machine builders and related workers, and artisans; waste collection and related workers; drivers of motor vehicles and mobile equipment; installers; customer service staff, etc.

In September, the Employment Agency reported that the number of unemployed persons registered in the labor offices for the month was 138,380. The agency specifies that the unemployment rate is defined as the share of registered unemployed persons from the economically active population aged 15-64, established in the 2011 Census.

17.11.2022

THE EC PREDICTS HIGH INFLATION AND STABLE UNEMPLOYMENT FOR BULGARIA

The growth of the Bulgarian economy will reach only 3.1 percent in 2022, slowing down even more to 1.1 percent next year. This is stated by the European Commission in its autumn forecasts, published during the week.

Last year, the economy of our country grew by 7.6 percent after shrinking by 4 percent in the pandemic year 2020.

According to the EC's summer forecasts, published in mid-July, expectations for Bulgaria have improved for the current year (a growth of 2.8 percent was expected in the summer), but the prospects for next year have worsened (a growth of 2.3 in the summer forecasts).

For 2024, the European Commission is betting on a growth rate of our gross domestic product (GDP) of 2.4 percent.

Inflation forecasts in the country point to a rate of 12.8 percent in 2022 and a slowdown to 7.4 percent next year, followed by 3.2 percent in 2024. Inflation expectations are relatively little changed, albeit in the upward direction, compared to the summer forecasts (12.5 percent and 6.8 percent for this year and next year, respectively).

Unemployment in Bulgaria will remain stable, maintaining a level of 5.2 percent in 2022 and 2023 and with a minimal increase to 5.3 percent in 2024 with employment dynamics of 0.4 percent, 0.0 percent and 0.2 percent in the three years covered by the autumn forecasts.

For comparison, the baseline scenario in the forecast of the Bulgarian National Bank (BNB), prepared as of September 30, 2022, foresees a lower growth of Bulgaria's real GDP - a slowdown to 2.8 percent in 2022 and to 0.1 percent in 2023, then accelerating to 3.4 percent in 2024.

Our central bank's estimates for annual inflation foresee a level of 14.9 percent at the end of 2022, 7.6 percent next year and a weakening to 3.4 percent at the end of 2024. The unemployment rate is expected to decline steadily from 4.6 percent in 2022 to 4.2 percent in 2024.

Regarding the financial flows of our country, the European Commission expects in its autumn forecast a budget deficit of 3.4 percent of GDP this year, which will decrease to 2.8 percent and 2.5 percent in the next two years, respectively.

Government debt is projected to decline slightly to 22.5 percent of GDP this year and gradually increase to levels of 23.6 percent and 25.6 percent in 2023 and 2024, respectively. The country's government debt last year was 23.9 percent and 24.5 percent in the pandemic year 2020.

For the current account balance, Brussels forecasts a deficit of 1.2 percent this year, with the negative balance increasing to 3 percent and 3.2 percent in the next two years.

The forecast for total investments in 2022 is also negative - minus 8 percent, but with a positive balance of 5.5 percent and 7 percent in 2023 and 2024, respectively.

16.11.2022

I CAN'T PAY MY LOAN PAYMENTS - WHAT SHOULD I DO

Are you having a hard time paying your monthly loan payments? This can have serious consequences if you don't act on time. Even if you've made a financial mistake, there's a chance you can fix it before it hurts your credit history and your budget for years to come.

First of all - do not despair and do not run away from the problem. There are various ways to improve your situation. Oftentimes, lenders are willing to negotiate a customized payment plan that fits your needs. Your lender may agree to reduce or even pause your payments depending on your situation.

Delay, Consolidation or Refinance?

If you have a one-time difficulty and are facing a late payment, try to make an installment within 30 days of the due date. In many cases, these late payments do not even enter the Central Credit Register, so your credit score will not suffer. When you realize that you won't be able to keep up with payments on time in the future, it's time to take action before you're officially late on your payments.

Consolidating or pooling loans provides an easy and convenient way to reduce your monthly expenses. If you have several loans, it may be a good idea to consolidate them into one. So you pay only one monthly installment, at a more favorable price, on one date, with one interest and principal. Having fewer loans serviced on time increases your credit score and subsequently gives you access to higher amounts and approval.

Refinancing can only be used if you already have a loan from a bank or non-bank institution. In practice, this is the replacement of one credit with another, and the purpose of the new transaction is to improve conditions for the client. This could mean a smaller monthly payment, a lower interest rate, a shorter repayment period and other details that would make it easier to pay off the debt.

Contact your lender

Credit companies are often understanding that financial situations change and can help you avoid a bad credit history. Before making contact, do the following:

- Clarify your problem. Are you experiencing a one-off hardship – such as an emergency car repair that has drained your bank account? Or will you be running out of cash month after month because your income has gone down? In other words - what is the reason for the inability to pay or the delay. Providing a short and clear explanation to your lender can be essential;

- Create a plan. Try to figure out what can help you. Will missing a payment or two get you back on track? When could you resume making normal payments? Or will lower monthly payments for a while help stabilize you financially? It is important to have a plan of action to convince your lender that you will deal with the problem.

If you know exactly what you need, then you are ready to contact your lender - the sooner the better. Don't wait until you're behind on your payments to make contact, as the lender may not be as willing to help you.

Call or go to the location and explain your situation in detail. You can suggest your own plan or ask what payment relief options may be available to you and if you qualify.

Most lenders have a practice of offering assistance to a certain degree depending on the situation. For example, there are skip payment programs that allow you to miss a few payments without penalty, or adjusted payment plans with reduced interest rates.

You should require the terms of any agreement you make to be in writing. This documentation will help you not forget any important detail and also serves as written evidence in case there is any confusion with your lender in the future.

Prioritize your debts

Before tackling the credit debts, check if any of your other debts are not more serious - these are called "priority debts". Priority debts include: rent and mortgage, gas and electricity, council tax and court fines. If you don't deal with your priority debts, you could lose your home or have your energy supply cut off, for example.

The first step is to make a budget. This will help you understand how much you have left each month after paying your main bills and priority debts. The amount you have left over is your “disposable income”. After that, it is important to stick to the set budget and not only exceed it, but even try to save.

Try to be as accurate as possible. Before you budget, find your most recent bank statements, pay stubs, and debit and credit card statements. A budget plan will help you estimate how much disposable income you can use to pay off other non-priority debts.

Optimize living expenses

Add up your income and expenses. Look for ways to reduce costs and increase revenue. The cost of living is the price of the goods and services you consume to achieve a sufficient degree of satisfaction and reach a certain standard of living.

The things you definitely need to keep paying are rent/mortgage, utilities and transportation. Learn how to optimize food and clothing spending. These are feathers that you can probably save some extra money on by making some compromises.

All other expenses are optional, which means you can learn to live without them, at least until you "get on your feet." This includes all "pleasures" such as cable TV, movies, restaurants, phone bills, buying branded goods, expensive hobbies, etc.

Credit card payments

You should try to make at least the minimum payment on your credit card. If you pay less than the minimum payment, the loan company may add fees. This will affect the amount of your debt and your credit score.

If you can afford to make regular payments, set up a direct debit to your credit card account. This means you will automatically make the same installments every month. Keep paying as much as you can.

Keep a copy of your budget. If you need to ask the loan company for lower installments, you can present them with your budget plan. In this way, you will prove that you cannot afford more than what you are offering to pay.

Explain the situation to your lender and ask for a freeze on interest and other charges. You can negotiate a pause in payments on your card – meaning you won't need to pay anything until your situation improves.

If you don't think your financial situation is likely to improve, you might consider transferring your debt to another card that charges less interest - this is called a 'balance transfer'. Another option is to take out a lower interest loan from your credit card.

Compare the cards or loans you can get from different companies. Note whether there will be a fee to move your balance to another card, what interest and fees you'll pay on the new card or loan, and how long each interest-free period is.

Use a loan or new credit card just to pay off the debt you already have. Don't spend more than your current credit card. Avoid taking out a loan that is tied to your home, such as a mortgage. You risk losing your home if you can't get it back.

It is very likely that you will not get a new bank loan if you have a bad credit rating. This can happen if you have already applied for many loans or regularly missed monthly payments. In this case, you may need to resort to the services of a company for quick loans.

If you have doubts about the accuracy of your credit score, you can check whether it was calculated correctly. Verification won't make it worse, but you may be able to correct an error to improve your grade.

16.11.2022

OVER BGN 3.2 MILLION WILL BE DIRECTED TOWARDS EMPLOYMENT OF DISABLED AND PERMANENTLY UNEMPLOYED PEOPLE

Over BGN 3.2 million under the National Employment Action Plan will be redistributed to programs and measures for employment and training of unemployed people with disabilities, long-term unemployed and people of pre-retirement age. This was announced by the press center of the Ministry of Labor and Social Policy.

The Ministry's proposal is supported by the National Council for the Promotion of Employment.

Nearly BGN 1.2 million will be directed to the National Program for employment and training of people with permanent disabilities due to the increased interest of employers. The program provides an opportunity for employment and two-year employment for unemployed people with disabilities.

Funds under the "Retirement Assistance" program, which offers long-term subsidized employment, will be increased by over 820,000 BGN, 700,894 BGN will be directed to incentive measures from the Employment Promotion Act.

The budget for the training and employment program for the long-term unemployed will be increased by nearly BGN 500,000.

For the period January - September 2022, according to programs and measures under the National Employment Action Plan, work has been provided for 23,210 unemployed people, and 9,161 people have been included in training.

At its meeting on October 26, the caretaker government adopted a decree approving additional expenditures under the MLSP budget to guarantee the employment of more than 11,500 unemployed people from disadvantaged groups on the labor market - long-term unemployed, youth up to 29 years old, people with disabilities, with low or without education and qualification, employed under the National Employment Action Plan in 2022, the press service of the cabinet reported. The additional financial resource is in the amount of BGN 48.2 million.

15.11.2022

A GERMAN COMPANY WITH AN INTEREST IN AN OVER 1 BILLION EURO INVESTMENT IN NORTHWESTERN BULGARIA

A German company has expressed interest in an investment of over 1 billion euros in the region of Northwestern Bulgaria. This became clear during a meeting between the Minister of Economy and Industry Nikola Stoyanov and the management of "Profine Energy GmbH". This would be the largest one-time investment made in the history of the Bulgarian economy.

"You can count on the full support of the state to speed up administrative procedures for the realization of investment intentions," emphasized Stoyanov. He presented the opportunities for incentive measures that the investor can take advantage of. "I know that you are already in contact with many German companies that have chosen Bulgaria. I am sure that you will be convinced by them as well - German business feels good in our country and a number of companies are planning new expansions", emphasized Nikola Stoyanov.

The German company is in a very advanced phase of making its investment decision in Bulgaria, it became clear during the meeting. The preparation of a Memorandum, in which Profine Energy will declare interest in the investment in writing, has also started.

Profine Energy GmbH is a joint venture between Profine Group, Germany and Wirth Group, Germany. They have investment interests in the field of electricity generation from renewable energy sources. The incorporation of a subsidiary of the German company under Bulgarian legislation is currently underway. Its purpose is the development and subsequent implementation of photovoltaic plants in Bulgaria, the company's representatives emphasized.

The seriousness of the investment intention was confirmed during the meeting personally by the group's executive director Dr. Peter Mroslik and Markus Wirth, chairman of the board of the Wirth Gruppe.

Last month, Profine Group and Wirth Group founded a joint energy service provider, Profine Energy GmbH, based in Waghäusel, Germany. The "Profine Group", under the brands KBE, KÖMMERLING and TROCAL, manufacture PVC profiles for windows and residential doors, shutter systems and PVC boards. The consolidated turnover of the company is over 900 million euros and the production capacity is approximately 450,000 tons of profiles per year. Profine Group has more than 3,000 employees in 29 sites in 23 countries.

14.11.2022

OLDER WORKERS INCREASINGLY NEEDED IN THE LABOR MARKET

The share of workers over the age of 55 is increasing every year. The demographic replacement rate in Bulgaria is 69 for 2021, which means that for every 100 people who retire, there are 69 who enter working age.

As a result of these processes, it appears that the ability of employers to retain older workers is a key measure to temporarily solve the labor shortage problem. This was said by Svetlana Doncheva - head of the "Center for Project Management" at the Bulgarian Industrial Association, during the final conference of the eDigiStars project in Budapest, BIA reported.

The project is implemented by 19 partners from 8 Danube countries - Austria, Bosnia and Herzegovina, Bulgaria, Czech Republic, Hungary, Romania, Slovenia, Ukraine. The main goal is to develop sustainable ecosystems that successfully transform older workers into self-employed entrepreneurs who offer digital services.

Svetlana Doncheva was invited by the organizers to the discussion panel "A new path for the elderly or employees over 50, self-employed or looking for work and their opportunities on the labor market" to present part of the results of the project "Inspired by experience: More long together - a path to success", which BIA implemented in the period 2019 - 2021.

She told the conference delegates that generational issues are even more relevant and significant in the current situation on the labor market. Project work has seen four, even five generations working together for the first time, and this, in turn, is proving to be a huge challenge for employers who are struggling to successfully manage generational differences in the workplace. The results of a qualitative study carried out by BIA among 809 respondents, representatives of the four main generations in the labor market, have confirmed the hypothesis that there are significant differences between them in terms of needs, values, motivation, expectations, attitudes, behavioral patterns and attitudes towards labor.

At the same time, the analyzes also confirm another hypothesis of the researchers, namely that employers do not have experience in implementing successful management practices related to the intergenerational approach and the management of generational differences. At the heart of this approach is the understanding that the specifics of different generations must be studied, identified and used to create a working environment that highlights the strengths of each generation, promotes mutual understanding and solidarity between different generations in the interest of the common business aims.

The project "Inspired by experience: Longer together - a path to success" has also taken into account very precisely the needs and characteristics of people over 50 years of age, who are the core group of the eDigiStars project. HR experts at BIA call this Generation T (Traditionalists). In Bulgaria, this generation grew up during the period of consolidation of the socialist regime and the state planned economy. These are people who value the work ethic of the previous time, are not inclined to change their jobs often, they are rather workaholics, supporters of a stricter hierarchy. Education is a high value for traditionalists and it is not true that the elderly do not want to be educated and learn.

The experts who worked on the project recommend that employers emphasize on-the-job training, exchange of experience and cooperation with colleagues, and report that people over 50 years of age have a harder time understanding the dynamics of the workplace. Changing processes and procedures confuses and stresses them.

"More time is needed to adapt and learn the new. That is why employers must be patient, tolerant and give them enough time to adapt to the new conditions. Naturally, with advancing age, suitable working conditions and the absence of excessive tension in work is becoming more and more important. In this sense, employers should think about more flexible forms of working hours, introduction of more ergonomic working conditions for people at an older age", added Svetlana Doncheva and emphasized that the activities on the eDigiStars project were a natural extension of the results of the "Inspired by Experience" project. The work of the eDigiStars project team, based on the in-depth previous analyses, has helped to create the three tools that play a key role in the learning process of people 50+.

11.11.2022

WHAT IS THE LEGAL INTEREST ON OBLIGATIONS TO THE NATIONAL REVENUE AGENCY?

The legal interest on arrears, which the National Revenue Agency administers, remains at 10 percent until the end of the year. The increase in the basic interest rate from 0% to 0.49%, which the Bulgarian National Bank introduced from October 1, 2022, will not be affected, since the legal interest is calculated twice a year - on January 1 and on July 1 on the relevant year, based on the base interest rate on that date plus 10 percentage points.