11.08.2022
TWICE AS MANY NEWLY UNEMPLOYED AS THOSE WHO HAVE STARTED WORK
The newly registered unemployed are twice as many as those who started work and are 5,234 and 2,686 people respectively - this is according to the latest data of the specialized monitoring of the labor market of the National Statistical Institute and the Employment Agency for the first week of August.
Since the beginning of the year, there are slightly more than 152,000 people registered in the labor offices, and 108,500 people who are employed.
For the period August 1-7, the largest number of people were registered in the labor offices in the capital - 649 people, followed by the regions of Plovdiv, Blagoevgrad and Varna. The data show that Sofia, the capital, also has the largest number of people who found a living - 247 people, followed by the Burgas region - 206.
From January 3 until now, there is a tendency for newly registered people to outnumber those who started work through the labor offices. The only exception is the week from June 27 to July 3, when those who entered work were just over 10,000, and those registered at the labor offices were twice as few.
10.08.2022
JOB POSTINGS DOWN IN JULY
The largest electronic career development platform reports a significant drop in job postings in July. There were nearly 6,000 offers, or 12 percent less than in June.
The largest decrease is in the hotel and restaurant sector. In the last week of July, the tendency for the newly registered unemployed to outnumber the employed continues, according to the latest data from the labor market monitoring of the National Statistical Institute and the Employment Agency.
The data shows a decrease in job postings across all sectors.
Experts comment that this should not be a cause for concern. A major factor in the decrease in the number of offers is the summer vacation period, when both employers and job seekers are less active in the labor market.
On an annual basis, the drop in offers is one percent or nearly 500 offers.
Apart from a drop in the hotel and restaurant industry, the largest reduction in offers was reported in the sectors of healthcare and pharmacy and administrative and service activities.
The leader in terms of the number of ads are trade and sales, as well as production.
The number of offers for work from home and/or remote work decreased by 7% compared to June. They are just over 5200 or 13% of all.
The number of refugee-friendly job postings in June was just over 2,500, also down 7% from the previous month.
For the period 25-31 July, 3,571 people were registered in the labor offices throughout the country, and 2,454 were employed.
Since the beginning of the year, the newly registered are just over 147,400 people, and those who have found a livelihood – 105,860.
26.07.2022
WHEN DOES THE LIMITATION COUNT FOR OBLIGATIONS RELATED TO CONTRACTS AND CIVIL CASES?
The idea of the statute of limitations is to make a creditor collect the relevant claims, debts, loans in a way that does not prolong this process, does not abuse. Its introduction makes it possible for the debtor to request repayment of the creditor's right to seek protection. The goal is that the debtor or his heirs do not live constantly in fear and worry about how, after 30 years, a creditor may decide that he will demand something owed, including the interest.
The statute of limitations is mainly in the Law on Obligations and Contracts (LOC). It is there that it is written that with the expiration of the five-year statute of limitations, all claims for which the law does not provide for another term are extinguished. Immediately thereafter, however, it was determined that with the expiration of a three-year statute of limitations, the claims for remuneration for work for which no other statute of limitations is prescribed, those for compensation and penalties from an unfulfilled contract, as well as claims for rent, interest and other periodic payments. It is the latter - periodic payments, in this case it is very important, because they include, for example, the mass bills for electricity, heating, water, etc.
And here we come to the first main question - when does the statute of limitations begin to run? The LOC defines that "the statute of limitations begins to run from the day the claim became due". This means from the day on which the corresponding payment should have been made. This is the basic rule, the most common case. However, there are several other hypotheses. For example, it is written in the LOC that if it is agreed that the claim becomes due after an invitation, the statute of limitations begins to run from the day the obligation arose, the law also specifies. For tort claims, the statute of limitations begins to run from the discovery of the perpetrator. And finally - for late payment penalty claims, the limitation period begins to run from the last day for which the penalty is charged.
It is important to know that the law considers invalid an agreement that shortens or extends the established limitation periods, as well as the waiver of limitation before it has expired.
It is also important to consider when the statute of limitations is interrupted. There is an interruption with recognition of the claim by the debtor. The situation is the same when presenting a claim or objection, or a request to start conciliation proceedings. However, if the claim or the objection, or the request to start conciliation proceedings is not respected, the statute of limitations is not considered interrupted. There is also an interruption with taking enforcement actions. From each interruption of the limitation period, a new limitation period begins to run. If a claim is established by a court decision, the new limitation period is always five years.
From 2021, the rule for the absolute statute of limitations was also introduced in the LOC. It states that with the expiration of the ten-year statute of limitations, monetary claims against natural persons are extinguished, regardless of its interruption, except when the obligation is postponed or rescheduled. However, this statute of limitations does not apply to claims from the commercial activities of sole traders or natural persons - partners in a company, for unlawful damage, unjust enrichment and for maintenance, for labor remuneration, for benefits under the Labor Code, on the occasion of a privatization transaction, on the occasion of property restituted in accordance with a legal act.
25.07.2022
POSSIBILITY OF A GRANT UNDER THE TECHNOLOGICAL MODERNIZATION MEASURE FOR THE PURCHASE OF EQUIPMENT AND SOFTWARE FOR THE DEVELOPMENT OF NEW PRODUCTION LINES AND PRODUCTS
Micro, small and medium-sized enterprises (SMEs) in the country can now apply for grants under the Technological Modernization measure for the purchase of equipment and software for the development of new production lines and products. If it is a question of micro companies, they can claim a maximum of BGN 180,000. The ceiling for small companies is BGN 350,000, and for medium-sized companies - BGN 700,000. The funds can be used to buy machines with automated control, robots or digital process control systems. Co-financing is up to 50%. Submission of the projects will be done entirely electronically through the ISUN 2020 system, and the deadline for this is September 21, 2022 (inclusive).
The procedure is primarily aimed at manufacturing companies - for medicines, computers or optical materials, food, beverages, clothing, etc.
The scheme is the first under the National Recovery and Resilience Plan (NRRP) and will be implemented by the General Directorate of European Competitiveness Funds (DG ECF) at the Ministry of Innovation and Growth. Through it, a total of BGN 260 million will be invested in Bulgarian business. The minimum amount of the grant under the program is BGN 35,000, while the maximum amount is determined based on the size and needs of the applicants.
The main objective of the procedure is to increase the efficiency of production processes, achieve higher productivity, reduce costs and optimize the production chain by providing grants to SMEs, commented the Minister of Innovation and Growth, Daniel Laurer.
Enterprises that deal with the collection and disposal of waste or the recycling of materials, film and television studios, radio, television and news agencies, as well as companies with architectural, engineering or scientific research and development activities are also eligible.
Applicants must be registered no later than December 31, 2019.
By the end of the year, according to the Bulgarian NRRP, it is expected to start another procedure to support production investments - for the construction of RES and energy storage facilities.
19.07.2022
PRIME MINISTER CHUKA - THE "START UP NATION" PROGRAM IS FOR NEWLY CREATED COMPANIES AND FOR ROMANIANS ABROAD
Prime Minister Nicolae Chuca announced the start of the Start-Up Nation program for start-up companies in Romania, saying that part of it is intended for Romanians abroad who want to return to the country and open their own businesses.
"The Start Up Nation program for new companies established in Romania starts today. Companies will have access to RON 200,000 in the form of grants, which are targeted at a total of 55,000 beneficiaries throughout the program. Applicants can register on the granturi.imm.gov.ro platform. A special segment of this program is aimed at Romanians abroad who want to return to the country and start a company. In this way, Romanians who have gone abroad will be able to build a business in the country.
It is vital for the Romanian government to support private initiative in the economy, to encourage small investors, as well as to guarantee opportunities for Romanians abroad.
19.07.2022
THE ROMANIAN GOVERNMENT ADOPTED THE FINAL VERSION OF THE REGULATION AMENDING AND SUPPLEMENTING THE TAX CODE
The government adopted the final version of the regulation on amendments and additions to the Tax Code. Some measures will enter into force at the beginning of August, announced the Minister of Finance, Adrian Kuču.
"Today, we adopted the final version of the ordinance amending and supplementing the Tax Code. Some measures will take effect from 1 January 2023 and others from 1 August 2022. I will emphasize this balanced approach to fiscal reform, as there have been calls for a more radical approach. The government considered that, in view of the complex situation we are facing, making radical corrections in the fiscal environment would not be advisable and chose to continue its trajectory of supporting the business environment and consolidating honest business", stressed the finance minister.
He believes that some long-delayed fiscal measures have led Romania to enter an excessive deficit procedure in 2020.
"We announced at the beginning of this year that this reform will take place. This is a balanced adjustment, from our point of view, between the need to further support the economy and citizens and the protection, if you will, of Romanian capital, but also of employees' incomes, while continuing to sustainably provide medium-long-term fiscal-budgetary balance. After the preliminary conversation we had with the business, but also as a result of the political discussions within the coalition, a series of decisions were made, which were presented in the decisions on the amendment of the Tax Code, and this week the debates with the business environment continued; at their request, a series of corrections were made (...)," said Adrian Cutchu.
The changes, which take effect on August 1, include an increase in excise duties on tobacco (including heated tobacco) and alcohol, a reduction in the threshold for granting tax breaks in the food industry and construction from 30,000 to 10,000 Romanian lei (RON), repealing certain deductions for real estate transactions and returning to real value taxation.
The other changes to the Tax Code, which come into effect from January 2023, concern the 1% turnover tax for restaurants and food suppliers, thus removing the specific tax and reducing the threshold for micro-enterprises to €500,000. Tax on dividends will rise to 8 percent from the current 5 percent.
The VAT rate for drinks with added sweeteners or sugar is set to increase to 19 percent, while for restaurants, accommodation and catering the VAT rate will return to 9 percent.
According to the latest version of the draft regulation to amend the Tax Code, the financial effect on the revenue part is 1.19 billion RON this year and over 10.5 billion RON next year.
15.07.2022
MISTAKES TO AVOID WHEN CHOOSING A LOGO FOR YOUR COMPANY
A logo is one of the most important visual elements of a business. It is among the things by which you will be recognized.
Therefore, it is crucial not to neglect it, but to approach its selection carefully. Here's what to avoid:
Cheap usually shows. And a business that is not inclined to invest enough money in one of its symbols is not at all trustworthy. Even if you don't have a high budget, don't necessarily try to skimp on it. Especially when you're starting a new business that has yet to win customers over.
Betting on proven formulas is easy, but it won't set you apart at all. After all, you want to attract attention, not be mistaken for competitors, right? Keep in mind the theme of your business and what message you want your logo to convey, but try not to make it look like others on the market. To this end, you can research what businesses similar to yours are using in order to have a basis for comparison.
It's not just that you won't stand out here. Even worse! Anyone who sees your logo and knows where it was copied from will automatically lose even the ability to trust your business.
Every color has a message. Choose one that aligns with your company mission, with the goals behind your business, with what you offer your customers. This way you will be able to subconsciously communicate what is behind your business.
How logo color manipulates your emotions
Some brands are instantly recognizable by the color of their logos. Bright yellow arches on the horizon tell you there's a McDonald's nearby, for example. This color is invariably associated with the specific company, but what emotions does it trigger on a subconscious level?
Here's how things look with the different colors:
Red
It is associated with fire and blood and evokes a sense of intensity, action, sensuality, passion, trust and aggression.
Blue
It is associated with the sky and the sea and evokes a sense of comfort, faith, conservatism, understanding, clarity, harmony and trust.
Yellow
It is associated with sunlight and evokes joy, vitality, energy and a sense of freshness.
Green
It is associated with nature and evokes calmness, a sense of relaxation, harmony, peace and hope.
Violet
It is associated with nobility, evokes a sense of luxury, power, glamour, nostalgia, romance and introspection.
Orange
Associated with sunlight and the tropics, it evokes happiness, enthusiasm, creativity, determination and stimulates mental activity.
Black
It is associated with the night and evokes a sense of mystery, formality, courage, seriousness and luxury.
Pink
It is associated with femininity and evokes emotions of love, sympathy, warmth, sexuality and caring.
Brown
It is associated with Mother Earth and evokes feelings of reliability, care, support and security.
15.07.2022
BNB: PRICES WILL RISE UNTIL 2023, BUT WAGES WILL OUTPACE THIS GROWTH
Income growth higher than inflation until the end of the year, the Bulgarian National Bank (BNB) predicts in its new forecast. The reason for this, according to experts, is the shortage of qualified workers, which will pressure the private sector to raise wages.
Income growth will accelerate by 14.3% in 2022, with a faster rate of rise relative to inflation expected to support real household disposable income, the document said.
This gap will close in 2023, for which the BNB expects wages to rise twice as slowly – by 6.5%, and for 2024 the increase will be slightly larger – up to 7.5%. Unemployment in our country is expected to reach 4.7% in 2022 and decrease to 4.3% in 2024.
However, the BNB lowered, and sharply, its forecast for the growth of the Bulgarian economy in 2022 - to 1.9% compared to the 2.1% expected in March. The arguments - slower GDP growth is determined by the expansion of the negative contribution of net exports, which will only be partially offset by the expected acceleration of domestic demand.
The central bank's expectations are much more pessimistic than those three months ago for economic growth until 2024. For next year, it is expected to be no higher than 1.7% instead of the 3.9% predicted in March. It looks a little more optimistic in 2024 – 3.7%.
Inflation will move in the opposite direction, the BNB predicts - by the end of the year it will accelerate to 14.7%, and not as expected in March - to 9.6%, the reason will be the increase in the price of all goods and services. It is only in 2023 and 2024 that inflation is expected to slow down to 3.8 and 3.1%, respectively, due to the then expected calming down of the prices of energy raw materials on international markets and the significant slowdown in food price increases.
A deficit of 1.1% of GDP in 2022, an increase to 1.3% in 2023 and a contraction to 0.5% in 2024 are also forecast by the central bank.
A slight slowdown in the growth of loans at the end of 2022 - to 8.4%, but the preservation of strong interest in mortgage loans, despite the expectations of an increase in interest rates, is also predicted by the BNB. The reasons are the significant acceleration of inflation and the remaining negative real interest rates on housing loans, together with the still negative level of interest rates on deposits.
However, for 2023, when interest rate hikes and inflation easing are expected to be felt, the forecast is for a more substantial slowdown in the growth of both household loans and loans to non-financial enterprises. In 2024, the forecast points to a slight acceleration of lending.
Deposits are expected to continue to grow at a high rate over the forecast period thanks to wage growth and a projected increase in interest rates on deposits. The rates remain roughly the same – around 9%.
As potential risks to the forecast, the central bankers point to even lower GDP growth throughout the forecast period, i.e. until 2024, due to the possibility of further deterioration of the international situation and shortage of energy raw materials in Bulgaria and the main trading partners On the side.
Political uncertainty, which will affect investment activity in Bulgaria, is considered a risk for the forecast. This may lead to slower absorption of funds under European programs and delayed implementation of investment projects under the National Plan for Recovery and Sustainability.
There are also risks of higher inflation due to the difficulty of predicting the dynamics of raw material prices on international markets. The incomplete transfer of the zero VAT for the supply of bread and flour to final consumer prices, as well as the compensation for fuel prices, may also reduce the realism of the forecast, the BNB notes.
The EC appears to be a little more optimistic about the Bulgarian economy. The economic growth of Bulgaria in 2022 will be within 2.8%, according to the summer forecast of Brussels. According to them, this year the growth of the gross domestic product will accelerate by 0.7 percentage points compared to their spring forecast, but in 2023 there will be a slowdown to 2.3%, which is 0.8 percentage points lower than the spring expectations.
The EU sees arguments for these expectations in the strong recovery of the Bulgarian economy in the first quarter of next year, which they expect to continue. However, the worsening external environment, tight credit conditions and slow real wage growth will drag down the forecast for 2023.
Brussels expects inflation in Bulgaria to reach a level of 12.5% in 2022, and to calm down to a single-digit level of 6.8% in 2023. The development of the entire European Union is under the influence of the war in Ukraine, the EC notes. The expectations for this year are that the GDP of the community will increase by 2.7%, but in 2023 it will decrease almost twice - about 1.5%. For the Eurozone, GDP growth in 2022 will be 2.6%, and next year it will slow significantly to 1.4%.
15.07.2022
EXTEND THE TERM OF SOCIAL PAYMENTS FOR PEOPLE WITH DISABILITIES
The term of social payments for people with disabilities is being extended, the Social Assistance Agency announced.
From there, they specify that until the end of 2022, TELK's expert decisions for determining permanently reduced working capacity, the validity of which expired in the period from 03.13.2020 to 06.30.2022, were extended, provided that the persons submitted documents for re-certification by July 15 of this year.
Based on information provided by the Regional Health Inspections until July 20, 2022, the Agency will ex officio extend the terms of these expert decisions and of the applications-declarations for monthly social payments on all legal grounds of these persons, of the directions issued to them for personal assistance under the Law for people with disabilities, as well as for health insurance of persons until new expert decisions are issued, but no later than 31.12.2022.
15.07.2022
RECORD LOW UNEMPLOYMENT IN OUR COUNTRY
The Employment Agency reported a record low unemployment rate of 4.2 percent in June. This is the lowest value reached so far since the Agency measured its level. 138,799 people were registered at the labor offices, or nearly 32,000 people less than in May.
Compared to May 2022, the unemployment rate decreased by 0.3 percentage points, and on an annual basis compared to June last year - by one percentage point.
The unemployed who started work in June were 22,744, or 7,865 more than in May.
The continuing decrease of the unemployed compared to the previous month is mainly due to the launched regional employment programs, the Employment Agency explained. Through them, municipalities provide the necessary labor for environmental and communal activities, and this year businesses also receive support for hiring workers to overcome the economic and social consequences of Covid-19.
The occupations most in demand by businesses in June are workers in mining and processing, construction and transportation, as well as personnel employed in the field of personal services, waste collection workers, machine operators and others.
Predominantly vacancies in the real economy are reported in the manufacturing industry (20.2%), followed by hotel and restaurant industry (14.2%), trade, car and motorcycle repair (8.0%), administrative and auxiliary activities (4 .6%) and education (4.5%).
