19.09.2022
DISASTER WORKER'S COMPENSATION
Disasters, although rare, are a part of citizens' lives and occur at different stages of their lives. In some countries they happen more often, in others - less often. Fortunately, Bulgaria is one of the countries where disasters are not so frequent. One of the main goals of the law is to ensure within the framework the prevention, actions and consequences of every single possible situation.
Every single disaster (earthquake, flood, fire, hail, etc.) undoubtedly affects both our daily life and our movement to the workplace and back, the fulfillment of our work commitments in terms of quality and quantity, and this from in turn invariably affects the amount of our income.
Moreover, it is not rare that during and after disasters it is impossible to reach work at all due to objective infrastructural or other difficulties, which raises the question of whether we will receive any remuneration at all, given that we are not at our workplace and are unable to fulfill our commitments to the employer.
Similar questions regarding the remuneration of the workers also raise a hypothesis in which the persons are not at their workplace because they have joined a voluntary formation to fight the disaster, with which they help the relevant institutions and directly the population to deal with the situation.
The topic itself suggests that both workers and employers need information on what the law has arranged in such situations. There are clearly defined rules on what employers should do in such a situation. It is a common practice in such situations for employers to force their workers and employees to go on unpaid leave. The following lines will answer why such a practice is illegal.
In which cases, under what conditions and in what amount are workers and employees entitled to compensation during a disaster?
The Disaster Protection Act defines a disaster as "a significant disruption of the normal functioning of society, caused by natural phenomena and/or human activity and leading to negative consequences for the life or health of the population, property, the economy and the environment, the prevention, control and the overcoming of which exceeds the capacity of the system to serve the usual public protection activities'.
Labor legislation allows for two options for compensating labor remuneration if the worker/employee has not worked as a result of a disaster.
In the first option, it is necessary that he was prevented from reporting to work when a disaster occurred. According to the law, the employer owes compensation to the worker/employee in the amount of 50% of the gross remuneration for the time for which he was prevented from working, but not less than 75% of the minimum wage established for the country. A larger amount can be negotiated with a collective or individual employment contract.
In cases where the worker/employee has taken part in the rescue work during a disaster, he is entitled to compensation in the full amount of his gross remuneration.
Compensation is subject to taxation.
The reasons for not appearing at work, as well as participation in rescue operations, are established by the town hall, municipal council or other state body.
In the second case, under the Disaster Protection Act and a contract to participate in a voluntary formation, the worker/employee temporarily suspends his employment in order to fulfill his civil obligation. In this case, his absence takes the form of unpaid leave, and for the time of absence he receives remuneration from the state budget.
Disaster prevention, control and recovery are among the few cases in which the Labor Code allows for overtime.
According to the Labor Code, workers/employees are entitled to leave for fulfilling public duties: for the time of training and participation in voluntary formations for protection and disasters. The employer is obliged to grant such leave to a worker/employee who has acquired the status of a volunteer. Voluntary formations are created by the mayor of the municipality by decision of the municipal council.
For the time of training or performing tasks to prevent or control disasters, fires and eliminate their consequences, the volunteer is considered to be on unpaid leave, which is recognized as work experience. For the time of participation in these events, the worker/employee receives remuneration at the expense of the state budget.
In order for the leave to be granted, it is necessary for the mayor of the municipality to notify the volunteer's employer of participation in the event and to issue a document certifying the volunteer's participation no later than three days after the end of the event.
Reference:
Art. 44 of the Disaster Protection Act
Art. 157, item 7 of the Labor Code
Art. 218 of the Labor Code
Art. 228, para. 2 of the Labor Code
16.09.2022
THE RIGHT OF WORKERS TO COMBINE WORK AND FAMILY RESPONSIBILITIES
One of the goals of the amendments and additions to the Labor Code after August 1, 2022, is to increase the possibilities for adapting the work regime to the individual needs of the worker or employee arising from his family obligations.
The changes guarantee the right of the worker or employee to receive a motivated written response from the employer when he requests in writing to change the employment relationship in order to reconcile personal and professional life, but the employer does not accept the corresponding proposal. What are the changes in this area?
Normatively defined are the cases in which the worker or employee has the right to propose to the employer an amendment for a certain period of the employment relationship related to the duration and distribution of his working time, with a switch to remote work, as well as other amendments to facilitate reconciliation of work and family obligations.
This right can be used by workers or employees who are parents (adoptive) of a child up to the age of 8, as well as those who take care of a parent, child, spouse, brother, sister and parent of the other spouse or other relatives in a straight line due to serious medical reasons.
The changes in the Labor Code grant the worker or employee the right to reconcile work and family obligations. The changes indicate that a worker or an employee who is a parent (adoptive) of a child up to 8 years of age has the right to propose in writing to the employer a change for a certain time in the duration and distribution of his working time, to switch to remote work and others changes to the employment relationship to facilitate the reconciliation of work and family obligations.
A worker or an employee who takes care of a parent, child, spouse, brother, sister and parent of the other spouse or other direct relatives due to serious medical reasons also has the right to propose the changes to the employer.
Amendment of the employment relationship is carried out by mutual agreement of the parties, expressed in writing, when such a possibility exists in the enterprise. The worker or employee may, before the expiration of the specified time, request that his employment relationship continue according to the conditions immediately before the amendment. However, when the employer refuses to amend the employment relationship, he is obliged to provide the worker or employee with a reasoned written answer within 14 days.
When entering work for the first time in the enterprise, the worker or employee can use the rights listed above, when he acquires at least 4 months of work experience. The employees and the employer can reach an agreement to change the employment relationship during the use of leave due to pregnancy and maternity, for raising a child up to the age of 2 and 8 or for raising a child placed with relatives and friends or in foster care family, as well as other cases defined by law.
Reference:
Art. 167b of the Labor Code
15.09.2022
WE CHANGE JOBS FOR A 20% HIGHER SALARY
In the national survey "Satisfaction at the workplace" 1095 people were surveyed, among them - employees in the IT sector, in the field of marketing, public administration, trade and sales.
For the IT sector, about 60% of people noted that they were not satisfied with the work environment. That is, they may not be dissatisfied with the salary they receive, but they may be dissatisfied with other things, say they are very stressed, the authors of the study "Career show" explain.
The survey shows that the most dissatisfied employees are in the "Trade", "Sales" and "Public Administration" sectors. There, remunerations are the lowest and the highest percentage of workers noted that they are not satisfied with the working conditions in their companies.
The sector with the lowest rate of dissatisfaction is not the sector with the highest wages. This is the HR sector, according to the survey. Survey data shows that employers are increasingly interested in how their employees feel at work. Physically, mentally, are they stressed and how to improve this. A large percentage of respondents noted that they would change their job if they were offered a 20% or 50% higher salary at another workplace.
15.09.2022
EP: THE MINIMUM WAGE SHOULD BE 50% OF THE NATIONAL AVERAGE
The European Parliament adopted the law on the EU minimum wage, which should oblige member states to "ensure decent living and working standards and promote collective bargaining on pay," said a press release from the parliament.
The new legislation was approved with 505 votes in favour, 92 against and 44 abstentions.
The law was agreed by the EU Council in June and aims to improve the working and living conditions of all workers in the EU, as well as to promote economic and social progress.
For this purpose, it defines minimum requirements for the adequacy of statutory minimum wages provided for in national law and/or collective labor agreements. It also strengthens workers' effective access to these wage protections.
The new directive will apply to all workers in the EU who have an employment contract or employment relationship. Member States where the minimum wage is already protected exclusively by collective agreements will not be required to introduce these rules, nor to make them universally applicable.
This is a key decision in the fight against the crisis with the high cost of living, commented the European Confederation of Trade Unions. A day ago, they released an analysis showing that Europe's lowest-paid workers are suffering greatly from high inflation and a drastic reduction in purchasing power, which has reduced the real value of statutory minimum wages.
The directive provides:
– The minimum wage must be at least 50% of the average in the respective country. Member States to check the adequacy of statutory minimum wages, taking into account purchasing power and the cost of living;
- Every country in the EU should be required to promote collective bargaining and combat the obstruction of trade union activity, and the scope of collective bargaining should be 80%. All countries below this percentage, including Bulgaria, will have to prepare an action plan to support collective bargaining and achieve this scope;
– Strengthening the participation of trade unions in determining and updating the statutory minimum wages;
– Requiring companies awarded public procurement contracts to respect the right to organize workers and collective bargaining in accordance with Conventions 87 and 98 of the International Labor Organization.
The final step in the two-year process of adopting the directive is its approval by the European Council, which is expected to take place in the coming weeks.
"Member states must get serious about raising wages, they shouldn't wait two years before implementing the directive. They must act now to increase statutory minimum wages and encourage collective bargaining. Wages should not leave workers and their families living in poverty, and this has been a reality across Europe for a long time.
Not only by ensuring adequate minimum wages, but also by strengthening collective bargaining as the best solution to achieving truly fair pay for all. We are now urging ministers to sign off on this directive so that working people can start to feel its benefits as soon as possible. The directive fulfills the European Pillar of Social Rights and shows that it is more than a political slogan", commented Esther Lynch, Deputy General Secretary of the European Trade Union Confederation.
Minimum wages in the EU vary widely. They are the highest in Luxembourg, Ireland and Germany, and the lowest in Bulgaria, Latvia and Estonia.
21 member states have a statutory minimum wage, and in the remaining six - Austria, Cyprus, Denmark, Finland, Italy and Sweden - wages are determined through collective bargaining.
15.09.2022
ANNUAL INFLATION REACHED ALMOST 18% FOR AUGUST
Monthly inflation is 1.2% and annual inflation is 17.7%. This is shown by the official data of the National Statistical Institute. Inflation is measured by the Consumer Price Index, with monthly inflation for August 2022 compared to the previous month and annual inflation for August 2022 compared to the same month of the previous year.
In August 2022, compared to the previous month, the largest price increase was in the groups: housing, water, electricity, gas and other fuels (+5.2%), various goods and services (+2.3%) and home furnishings, household appliances and accessories and usual home maintenance (+1.8%). A decrease in prices was registered in the transport (-3.8%) and clothing and footwear (-2.3%) groups.
Consumer Price Index
In August 2022, the monthly inflation was 1.2% compared to the previous month, and the annual inflation for August 2022 compared to August 2021 was 17.7%.
Year-to-date inflation (August 2022 vs. December 2021) is 12.6%, and average annual inflation for the period September 2021 - August 2022 vs. September 2020 - August 2021 is 11.7%.
In August 2022, compared to the previous month, the prices of goods and services in the following consumer groups increased as follows:
In August 2022, compared to the previous month, the prices of goods and services in the following consumer groups decreased as follows:
The prices of products in the "Education" group remain at the level of the previous month.
In August 2022, the prices of the following food products increased: cucumbers - by 10.6%, apples - by 7.0%, leafy vegetables - by 5.0%, margarine - by 4.6%, ripe onions - by 4.0%, full-fat fresh milk - by 3.9%, eggs - by 3.7%, low-fat fresh milk - by 3.7%, yogurt - by 3.6%, sugar - by 3.5%, short-lived sausages - by 3.4%, dairy oils - by 3.1%, mushrooms - by 3.0% , cheese - by 3.0%, pasta - by 2.8%, pork - by 2.8%, salt - by 2.7%, coffee - by 2.7%, citrus and southern fruits - by 2.2%, fresh and chilled fish - by 2.2% , fresh vegetable spices - by 1.8%, cottage cheese - by 1.7%, beef meat - by 1.7%, lentils - by 1.5%, chocolate and chocolate products - by 1.5%, mineral waters - by 1.4%, fruit juices - by 1.4%, tea - by 1.3%, beer - by 1.3%, poultry meat - by 1.3%, pepper - by 1.3%, minced meat - by 1.2%, rice - by 1.2%, cabbage - by 1.0%, durable sausages - by 0.8%, cheese - by 0.6%, wines - by 0.3%, and others.
In August 2022, the prices of the following food products decreased: tomatoes - by 6.8%, root vegetables (carrots and beets) - by 5.4%, ripe garlic - by 4.5%, other fresh vegetables (green beans, zucchini and eggplants ) - by 4.4%, watermelons and melons - by 3.7%, potatoes - by 2.9%, ice cream - by 2.5%, flour - by 2.4%, peaches and apricots - by 2.3%, oil - by 2.2%, bread "Dobrudja" - by 2.1%, white bread - by 2.0%, type and rye bread - by 1.8%, ripe beans - by 0.8%, olives - by 0.7%, vinegar - by 0.6%, carbonated drinks - by 0.5%, brandies - by 0.2%, and others.
During the month under consideration, in the groups of non-food goods and services, an increase in prices was registered for: central gas supply - by 50.6%, methane for light goods vehicles - by 39.1%, letter processing services - by 13.6%, wood for heating - by 8.5 %, pellets - by 5.9%, water supply - by 5.3%, collection, removal and treatment of waste water - by 5.0%, products and preparations for cleaning and maintaining the home - by 4.3%, coal - by 4.0%, personal care products hygiene and cosmetics - by 3.6%, package services for holidays and tourist trips abroad - by 2.9%, ongoing repair and maintenance of housing - by 2.1%, educational literature - by 2.1%, hotel accommodation - by 1.4%, passenger car transport - by 1.3%, other postal services (courier services) - by 1.3%, horticulture and floriculture - by 0.8%, catering services - by 0.8%, spare parts for LTS - by 0.8%, motor and lubricating oils - by 0.7%, refrigerators - by 0.5%, barber and hairdressing services - by 0.5%, air conditioning systems - by 0. 5%, and others.
In August 2022, in the groups of non-food goods and services, a price reduction was registered for: propane-butane gas for light vehicles - by 17.9%, motor gasoline A95N - by 6.9%, diesel fuel - by 6.8%, motor gasoline A100N - by 3.9%, shoes - by 3.7%, car insurance - by 1.9%, clothing - by 1.6%, cooking stoves - by 1.5%, laptops - by 1.4%, gaseous fuels for household needs - by 1.0%, televisions - by 0.8%, washing machines and dishwashers - by 0.5%, desktop personal computers - by 0.1%, and others.
In August 2022, the prices of medical and dental services increased by 0.6% and 0.1%, respectively, and the prices of medicinal products remained at the level of the previous month.
Harmonized Index of Consumer Prices
According to the Harmonized Index of Consumer Prices in August 2022, the monthly inflation was 0.8% compared to the previous month, and the annual inflation for August 2022 compared to August 2021 was 15.0%.
Year-to-date inflation (August 2022 vs. December 2021) is 11.2%, and average annual inflation for September 2021 - August 2022 vs. September 2020 - August 2021 is 9.9%.
According to the Harmonized Index of Consumer Prices in August 2022, compared to the previous month, the prices of goods and services in the following consumer groups increased as follows:
According to the Harmonized Index of Consumer Prices, in August 2022, compared to the previous month, the prices of goods and services in the following consumer groups decreased as follows:
The prices of products in the "Education" group remain at the level of the previous month.
Price index for the small basket
According to the price index for the small basket, in August 2022 an increase of 1.7% was recorded on a monthly basis and by 14.1% since the beginning of the year (August 2022 compared to December 2021).
In August 2022, the prices of goods and services from the small basket for the lowest 20% of households have changed from the previous month as follows:
15.09.2022
THE EMPLOYER IS OBLIGED TO INFORM US ABOUT TRAINING IN THE COMPANY
Through the amendments to the Labor Code from August 1, 2022, obligations are created for the employer to acquaint the worker or employee with the internal rules for the salary, to provide information on the terms and conditions for terminating the employment contract in accordance with the possibilities provided for in the labor legislation, as well as for the trainings organized by the employer, related to maintaining and increasing professional qualifications and improving professional skills.
The changes are aimed at guaranteeing the right of the worker or employee to receive complete information about the employment relationship, which is a prerequisite for greater job satisfaction, as well as for avoiding labor disputes. What are the new requirements for employers in this field?
One of the amendments to the Labor Code from August 1, 2022 requires the employer to provide workers or employees with information about the training provided by him, related to maintaining and increasing professional qualifications and improving professional skills.
The mechanisms through which this obligation must be fulfilled are different and depend on the discretion and capabilities of the employer. In modern conditions, it can also be performed digitally. Such information is usually contained in the employer's target plans for this activity. It can cover the subject of the trainings, the place and duration of their conduct, the conditions for conduct and others.
The next change is related to the provision by the employer of information on the terms and conditions for terminating the employment contract in accordance with the provisions of the Labor Code.
The duty of employers is formulated as owed to all workers and employees. It can be implemented through general or more specific clarifications regarding the legal requirements for termination of the employment relationship, presented through any information mechanisms existing in the enterprise, including digital ones, if any have been built. There is no obstacle for the obligation to be fulfilled by providing ready and generally accepted information that would direct interested parties to existing information in various information environments.
When the employer wants to terminate a specific individual employment relationship, he owes individual performance of his obligation with information to the specific employee.
Reference:
Art. 127 of the Labor Code
14.09.2022
GTAI: BULGARIA HAS THE LOWEST LABOR COSTS IN THE EU
In its publication "Labor costs and wages - Bulgaria 2022", the German Economic Development Agency (Germany Trade & Invest - GTAI) informs about the labor market, wage costs and labor legislation in Bulgaria, reported the German-Bulgarian Industrial -chamber of commerce in the latest issue of its newsletter Bulgarien Aktuell.
Bulgaria has relatively the lowest labor costs in the European Union. But companies need to work harder to retain qualified employees.
Labor market
Although Bulgaria's labor market has recovered from the coronavirus crisis, some employers are struggling with structural weaknesses, the publication said, citing data from the Employment Agency, which showed demand for staff rose by 13 percent in the first three month of 2022 compared to the same period last year.
The demand for personnel in the service sector is particularly high. Since the beginning of 2022, the trend of the struggle for qualified personnel has intensified, which suppresses the unemployment rate. For 2022, the quota is expected to drop further and be between 4.8 and 4.9 percent, the Employment Agency has calculated.
The greatest need for qualified workers is in wholesale and retail trade, in logistics and transport, in the restaurant industry and in the ICT sector. In manufacturing, most employers plan to retain and slightly increase their staff. The employment agency reports the greatest need for personnel in the textile and leather industries, in machine building and metallurgy.
Low labor costs are an advantage of the location
According to Eurostat, for 2021 the average labor costs were around 7 euros per hour. The employment rate was 68.1 percent at the end of 2021, and according to the National Institute of Statistics, it was 3.9 percentage points higher than in 2021. Due to the high demand for personnel, companies in some cases increased wages. About 65 percent of the employed work in the service sector and about 30 percent in industry. Labor costs rose above average by 9.1 percent year-on-year in 2021, Eurostat reports.
Remuneration and salaries
The services sector recorded the largest increase in labor costs at 14.4 percent in the first three months of 2022 compared to the same period last year. Labor costs rose 11.8 percent year-on-year in manufacturing and 10.7 percent in construction over the same period, the National Statistics Institute reported.
14.09.2022
IMF: IF MORE WOMEN WORK, WORLD PRODUCTION WILL INCREASE BY 35%
Too many women are deprived of economic opportunity, which is not only unfair, but harms growth and sustainability for all. We know that in countries with greater gender inequality, closing the gap in women's labor force participation alone can increase economic output by an average of 35%. This is noted in an analysis by a joint team led by IMF Managing Director Kristalina Georgieva, Antoinette Sayeh, IMF Deputy Managing Director, and Ratna Sahai, Senior Gender Advisor, entitled "How to overcome the gender gap and to develop the world economy'.
However, progress has been slow, and shocks such as health and climate disasters, social unrest and war continue to exacerbate gender inequality, directly affecting women's lives and livelihoods or preventing them from attending school and working.
According to the report, appropriate economic and financial policies can help reverse these negative outcomes by improving economies by supporting recovery and building resilience against future shocks. In other words, a dividend for women is a dividend for everyone.
For example, while the pandemic has set women back everywhere, it has also led to policy innovations. Several emergency pandemic relief programs targeted women and brought more people into social safety nets. This makes it easier to provide targeted assistance to deal with the current spike in food and fuel prices. For policymakers, there are proven solutions for taking gender-responsive macroeconomic action.
First, to increase investment in women's human capital. The gains from ensuring women's equal access to food, health and education are particularly large in countries with emerging and developing economies. Consider cash transfers that help families afford the basics in countries with less developed social safety nets. At the start of the pandemic, Brazil introduced the "Emergency Aid" cash transfer program, which provided double aid to female-headed households. IMF staff estimates that without Emergency Assistance, the poverty rate among these households would have increased from 11 percent to over 30 percent, but instead fell to about 8 percent. And Egypt recently extended cash assistance to low-income single mothers, helping them keep their children healthy and in school. In Togo, mobile technology helped speed up emergency financial aid during the pandemic, with women particularly benefiting.
The second proven solution according to the IMF report is to enable women to work outside the home or start their own businesses. Reforms in taxation, public spending, financial infrastructure and regulations, and in labor markets can also help. Providing access to quality and affordable childcare frees up more women to work and also directly creates jobs. In Norway, the expansion of universal child care increased the probability of mothers being employed by 32 percentage points. In emerging and developing economies, access to mobile phones and the Internet opens the door to economic opportunity. For example, IMF studies show that traditional and digital finance help close the gender gap in access to financial services, including microcredit – leading to lower income inequality and higher growth.
The third area is the fight against prejudice. Out of 190 countries surveyed, the World Bank found that women were legally equal to men in only 12 countries. According to the Organization for Economic Co-operation and Development, gender-based discrimination in social institutions costs the world economy $6 trillion. But in recent years, states have reduced those costs through social and legislative action, such as limiting child marriage, criminalizing domestic violence and increasing the number of women in elected office.
Fourth, increasing the representation of women in leadership positions is also critical. IMF analysis shows that a greater presence of women in financial institutions and in financial policy-making goes hand in hand with greater financial resilience. And in fintech companies and the corporate sector, higher numbers of women in leadership positions are associated with better results and profitability, respectively.
The IMF has been supporting its members in introducing and improving gender equality policies for years. The Executive Board recently endorsed the IMF's first comprehensive Gender Mainstreaming Strategy to help members adapt gender equality policies to their unique circumstances. The strategy recognizes that macroeconomic and financial policies affect women and men differently, albeit often unintentionally.
For example, Egypt expanded preschool education and improved public transportation safety under an IMF-supported program, thereby helping women reach their workplaces. And Sao Tome and Principe, with the support of an IMF program, launched a gender budgeting initiative—the use of fiscal policies and institutions to promote women's equality across government programs.
Under the new strategy, over the coming years the Fund will work with 190 member states and external partners to broaden the scope of its policy recommendations and bring greater rigor to its analysis to help more countries prepare and implement policies to support gender equality. Over time, gender-responsive macroeconomic and financial policies will lead to higher growth, greater economic stability and resilience, and reduced income inequality—a dividend not just for women, but for all, the report concludes.
14.09.2022
AN IMPORTANT DEADLINE FOR TAX RETURNS IS COMING UP
The deadline for submitting corrective declarations by individuals and legal entities expires on September 30, the NRA announced. Citizens and companies have the opportunity to one-time correct the data specified in the annual income tax return for individuals and the corporate tax form for legal entities.
This is done by submitting a one-time corrective declaration, after the deadline for submitting the annual tax declaration, but before September 30 of the current year for changes related to the declared taxes from the previous year. Individuals can make adjustments after April 30 through September 30.
For legal entities, sole traders, farmers who have chosen to be taxed as sole traders and individuals operating as traders, this period starts after June 30 and lasts until the end of September.
They submit their corrective return online, through the electronic services of the revenue agency, accessible with a personal identification code (PIK) of the NRA or with an electronic signature.
Information on filling out and submitting tax and insurance declarations and contributing amounts to the budget can be obtained from the website of the revenue agency or by calling the NRA - 0700 18 700 at a price according to the tariff of the relevant operator.
14.09.2022
THE BULGARIAN DEVELOPMENT BANK HAS LAUNCHED A DIGITAL PLATFORM TO HELP BUSINESSES
How to help entrepreneurs from anywhere in the country to get financing completely online and quickly and easily turn their ideas into a working business? This is the mission of Business Booster - the new digital platform of the Bulgarian Development Bank.
It was officially launched yesterday. Business Booster is a huge relief for micro, small and medium-sized companies in the country in need of financing, as the bank does not have a branch network.
The possibilities of the platform for supporting Bulgarian entrepreneurship were presented by the executive director of BDB Tsanko Arabadzhiev, the executive director of the subsidiary "BDB Microfinance" Ivana Tsaneva, the technology partner Software Group and the authors of the main graphic vision ROBO Lab.
The premiere of Business Booster was attended by the bank's partners in the implementation of the platform, Eurotrust and Borika, and representatives of the leading business associations and stakeholders in Bulgaria (Executive Agency for the Promotion of Small and Medium Enterprises, Invest Bulgaria Agency, Association of Industrial Capital in Bulgaria, Bulgarian Industrial Association, Bulgarian Chamber of Commerce and Industry, etc.), as well as many clients of the bank.
The platform started with the "Microstart" program, which offers financing up to BGN 50,000. The addition of new financial programs in Business Booster for the needs of small and medium-sized businesses is forthcoming.
Users will be assisted by the digital assistant Vicky - a 3D animated image that will help in every step of successfully using Business Booster.
All necessary documents are completed and signed entirely online. To create a company profile, it is only necessary to enter a Single Identification Code and the data is loaded automatically through integration with the Commercial Register. A qualified electronic signature is also needed, for which the platform works with Eurotrust.
By the end of the year, a back office system will be introduced that will speed up the examination of credit applications - Credit Quest.
Business Booster also offers a free "Business Academy" - training with manuals, video lessons and a digital library, where all necessary forms and documents for starting a business are published, as well as a special tool for creating a business plan - Business Plan Wizard.
To ensure entrepreneurs sell their products, BDB's new digital platform also enables them to easily and free open an online store with a built-in invoicing module.
