29.03.2022
THE CHEAP BANK ACCOUNT THAT FEW PEOPLE HAVE, BUT EVERYONE CAN OPEN
Have you heard of the Payment Account for Basic Operations (PABO)? It should, because it is offered by all banks operating in Bulgaria since 2016. And its biggest advantage is that it is cheap.
In conditions of continuous increase of fees and commissions, the costs of maintenance and operation of the special PABO must be "eligible", as expressed by the BNB. The central bank regulates these fees, unlike others, which it only registers and summarizes for analysis. Thus, fees for PABO must meet two conditions at the same time - they must be lower than the average amount of fees for the service on the banking market in our country and even better - they are the lowest possible, which the bank itself offers according to your tariff for current accounts. Unfortunately, in the usual case it is a matter of saving pennies.
For example, if the service of opening a current account with a debit card to it on average for the market cost BGN 1.57 (according to BNB data for the whole of 2021), the fee in PSOO in DSK Bank is BGN 1.51, and in UniCredit Bulbank - BGN 1.50. The annual maintenance of a card account in DSK is BGN 29.16, and in UniCredit Bulbank - between BGN 17.40 and 28.80 (depending on the receipts on the account) at an average of BGN 29.40 for the market. The cash withdrawal at Postbank is BGN 2.80 (up to BGN 1,000) or a minimum of BGN 4.50 (up to BGN 2,000) compared to the market average of BGN 3.69. And the most popular service
ATM withdrawals come by a penny cheaper.
With an average value for the banking market in Bulgaria last year of BGN 0.26 (when the card is used at an ATM of the issuing bank) and BGN 1.14 (when it is a foreign ATM) at Fibank, for example, it is BGN 0.24 and BGN 1.14, respectively.
As the name suggests, this is a bank account with which the most popular banking operations can be performed - the account may or may not be linked to a debit card, it can be withdrawn from an ATM or cash register, you can receive a salary or pension You can pay your electricity, water, internet bills, pay at the POS terminal in the store, order transfers, even use it for online shopping. Other, less popular services can be added, which, however, will be paid according to the bank's standard rates. In other words - this is the cheapest alternative to a bank account and that is why banks have no interest in offering it. However, they do not have the option to refuse to open a JI, unless the client already has one, regardless of which bank. That is, only one per person is allowed. There are no exact statistics on how many Bulgarians have such an account.
But back in 2018, the national association "Active Consumers" conducted a study that showed that banks are silent about its existence or refuse customers, arguing that it is only for the socially disadvantaged and that it can not perform a bunch of normal activities. At the moment, things look much better - on the websites of all banks there is a separate section with information about PABO, fees and documents needed for the opening. But it is certainly not offered as a first option to people who come to open a new bank account. It is good to note that PABO is intended only for individuals and is only in BGN.
SOLIDARITY
PABO was introduced by EU Directive 2014/95 with the argument that constantly rising bank fees create preconditions for financial exclusion of certain social groups. They would not open bank accounts due to high costs, which would deprive them of many opportunities.
29.03.2022
HOW TO SAVE WHEN BUYING FOOD
Food prices in our country continue to set historical records, and higher food prices are contributing to a larger jump in overall inflation caused by the pandemic and military conflict. Grocery shopping is a significant expense for most families and households, putting a huge strain on the monthly budget. The good news is that there are ways to make shopping more economical.
Browse the weekly brochures with promotions
Through the promotional brochures you can plan the menu for the next days with products at reasonable prices. In addition to the paper versions by mail, you can compare the offers of different supermarkets and online. Choose a few convenient for you and check out their latest promotions. This method will help you find the best offers, as well as diversify your menu.
Install shopping apps
The search for bargains online is not limited to websites. You also have access to mobile apps for smartphones and tablets that help reduce costs. With these apps, you can browse catalogs, see current bargains, use digital coupons, and create wish lists that you can even share with other devices.
Keep your market list up to date
Organize your purchases with a market list according to the dishes you want to prepare. The list will make shopping easier, faster and, most importantly, smarter. Paste the list in a prominent place or use a small board on which you can make adjustments with a marker when new ideas come to you. There are also mobile applications in which each family member can edit the market list.
Check your cabinets before shopping
Before you go shopping for new products, take stock of what you already have at home. Use the products available in the kitchen cabinets as a starting point for your weekly cooking plan. This will help you avoid unnecessary costs. You should also check the expiration dates regularly and consume shorter-lasting products to avoid wasting food.
Pay in cash when possible
When you pay by credit card or use an overdraft, you can easily indulge in unnecessary expenses. One touch and you're off with a shopping cart. But remember that the loan is never free. On the other hand, when you see banknotes leaving your wallet, it's much harder to spend indiscriminately. Take advantage of this old-school psychological phenomenon.
Count while shopping
To have a clear view of how much you spend while shopping, keep track of how much everything in your cart/cart costs. This may mean using your phone's calculator or rounding all prices to whole numbers, making it easier to come up with. This method will prevent you from overspending and will help you fit into your monthly food budget.
Leave the children at home
For children, shopping with mom and dad is an interesting activity, but it is preferable to take them less often with you. Every parent knows that in the presence of a child the market turns into a series of unplanned purchases. When a child asks for something, many parents find it difficult to refuse. So, if your goal is to shop wisely and there is someone to leave the children at home, choose this option.
Be flexible
Planning is essential. However, you need to be prepared to make changes to your market list on the go. Imagine that you have a selected menu for the coming week, but the main product is exhausted. In this case, try to find a replacement - even better if it is on promotion. Fortunately, the internet is full of recipes for every budget and occasion.
Watch the lower shelves
To encourage you to shop, most supermarkets position their most expensive products at eye level. If you look at the same types of food that are sold on one or two shelves below eye level, you will notice that prices fall significantly. The cheapest products are often at the bottom, so start there first. Look up, too, because sometimes affordable brands are even higher.
Choose a small basket
Another method that supermarkets use to get you to buy more is to provide large shopping carts and baskets. This can mislead you that you have too few groceries, simply because they do not seem to fill the space in which they are located. It is a good idea to carry a reusable shopping bag that you have decided will be enough for all purchases.
Compare the prices of goods
Get in the habit of comparing food prices by weight, not the retail price shown. Usually in addition to the retail price you can see how much each product costs per 100 g or per 1 kg. This is the number you should use when comparing other similar products. Large packages are usually cheaper, but there are some exceptions that you need to be vigilant about.
Compare store offers
Different stores evaluate their products differently. Often the price of the same product varies considerably from store to store. So you need to do a little market research - on site or virtually. Write down the difference in the prices of the products you buy most often. You will soon get into the habit of going to different stores depending on what you need to buy.
Learn the sales cycles
Are you ready for some more detective work? Start paying attention to when your favorite products go on sale and how much the price drops. Keep notes in a small notebook or on your smartphone and see if there is a trend. You'll probably be able to predict sales soon before they even begin. Remember the regular prices of a dozen products. This will help you identify sales cycles.
Stick to the market list
If you go shopping without a list, you can easily like things you don't need. And even if you have a list, it can be difficult to follow if you are shopping on an empty stomach. When you are hungry, the need for food is able to consume everything in your path, including your money. So just eat something quick (like a banana) before heading to the supermarket.
Take advantage of the promotions
Supermarkets always offer various promotions that can help you save on everything from basic products to desserts. Consider buying goods on sale, especially if the standard price is high. Promotional products are usually prominent in the store, such as at the entrance and at the end of the aisles. But even if it's a "promotion", the purchase is only good if you need it.
Don't buy too much
Everyone loves sales, but don't buy something just because it's on promotion or you have a party. If the product is not on your marketing list, then you have spent more money than you planned. Buy it - use it! Check the expiration dates and choose longer-lasting foods that you will have enough time to consume. Because it's a shame to throw your money in the trash.
Give new life to old foods
Almost all supermarkets have sections with products at reduced prices due to the expiration date. Reduced vegetables are very suitable for soups and stews. Ripe bananas are ideal for making muffins or banana bread. Older daily bread is great for French toast or grilled sandwiches. Ripe melons can be diced and frozen or pureed to make smoothies.
Avoid certain types of products
Buying pre-cut vegetables or pre-grated cheese can save you cooking time, but this convenience comes at a price. Choose whole products to save money. The same goes for perfectly portioned goods, the packaging of which makes them significantly more expensive. So buy your favorite products in larger sizes and share them yourself at home.
Buy seasonal or frozen products
Fruits and vegetables out of season are more expensive because they are not so easily available. Plan your meals according to the season to save money and get better goods. Contrary to popular belief, frozen and canned food is no less nutritious than fresh. Frozen fruits and vegetables are a great alternative to their expensive off-season options.
Shop as a team
If you have a roommate, family member or friend who lives nearby, consider sharing products that you should have on hand, but often waste. This method can be especially useful for fresh spices and other goods that are sold in large quantities compared to what a recipe requires. This also applies to budget purchases in bulk - for example, a large package of salmon.
Mastering at least a few of these habits will help you reduce your monthly grocery bill, stick to your budget, and reach your financial goals faster. This means that you will have more money to pay off debt, invest in the future or save for something nice - a nice dinner at a restaurant, babysitter or spa weekend.
29.03.2022
FIVE UNEMPLOYED ARE FIGHTING FOR A JOB IN THE COUNTRY
On average, five unemployed people are competing for one vacancy in the country, according to the latest data from the Employment Agency. The biggest competition is in the district of Montana, where 17 people compete for one vacant position, and the smallest in Sofia-city - two.
With an average unemployment rate of 4.9 percent, it is higher in 17 districts of the country, with Vidin holding a record of 11.6 percent.
Unemployment is traditionally the lowest in Sofia-city - 1.5 percent, and in Gabrovo - 3.2 percent.
In comparison, during the same period last year, unemployment was 7 percent across the country and eight unemployed people competed for one vacancy.
The strongest competition was in Vidin - 18 people. Again in 17 districts of the country the unemployment rate was higher than the average, with Vidin leading by 14.3 percent.
29.03.2022
BULGARIA HAS THE LOWEST LABOR COSTS IN THE EU
Bulgaria has the lowest hourly labor costs in the European Union - 7 euros, and Denmark with the highest - almost 47 euros. This is shown by the latest Eurostat data. In 2021, the average hourly labor costs in the entire economy are estimated at 29.1 euros in the EU and 32.8 euros in the eurozone.
The average hourly labor costs in the European Union differ significantly between Member States, with the lowest values of these labor costs, except in Bulgaria, registered in Romania (EUR 8.5), and among the highest, among with Denmark, are also Luxembourg (€ 43) and Belgium (just over € 41). Compared to 2020, hourly spending at the economic level has increased by an average of 1.7 percent in the Union and 1.2 percent in the Eurozone.
The largest increase in the Eurozone was registered in Lithuania - 12.5 percent, and among the countries outside it the leader is Bulgaria with a 9.1 percent increase in hourly labor costs, expressed in national currency. The two main components of labor costs are wages and other payments to employers, such as social security.
Eurostat's analysis shows that in 2021, most Member States increased the validity of support schemes that were introduced in 2020 to alleviate the impact of the KOVID-19 pandemic on businesses and workers.
25.03.2022
DO I HAVE TO PAY MY HEALTH CONTRIBUTIONS IF MY EMPLOYER DIDN'T PAY IN?
If my employer has not paid the health insurance contributions, do I have to pay them so that I do not lose my health insurance rights?
When the obligation to pay social security contributions rests with the employer or another person, the non-payment of social security contributions does not deprive the insured person of health insurance rights.
If you are a Bulgarian citizen and have resided abroad for more than 183 days in a calendar year, you may not pay health insurance contributions in Bulgaria.
In order to restore your health insurance rights and obligations upon return to Bulgaria, submit to the NRA an Application for Return to the Country. With the application you must also submit documents proving that you have been abroad for more than 183 days in a calendar year.
25.03.2022
THE EU GIVES 11 MILLION EUROS TO OUR FARMERS BECAUSE OF THE WAR IN UKRAINE
10 million and 611 thousand euros is the extraordinary aid that Bulgarian farmers will receive because of the war in Ukraine. Information on support for the European agricultural sector has already been published in the Official Journal of the EU.
EUR 500 million is the total budget of the aid that the EU votes for European farmers. The guideline is that Member States should distribute aid through the most efficient channels possible on the basis of criteria that take into account the degree of market disruption in the various sectors.
Of this total amount, nearly 11 million euros are due to Bulgaria, as the amount set for each of the member states would compensate only part of the actual losses incurred by producers due to the war in Ukraine.
Brussels has decided to give Member States the opportunity to provide additional national support to their farmers. Given the scale of the current crisis, this additional national aid may exceptionally exceed twice the corresponding amounts set out in the regulation. That is, if possible, Bulgaria has the right to supplement the amount of farmers with more than 20 million euros.
In order to ensure that producers have access to the aid as quickly as possible, Member States have the right to apply the regulation immediately after its publication in the Official Journal of the EU.
25.03.2022
THREE TYPES OF SOCIAL BENEFITS ARE OPEN TO UKRAINIANS
Refugees from Ukraine who have already been issued a registration card for temporary protection can apply for assistance from the social services of Bulgaria. For this purpose, they must submit an application to the Social Assistance Directorate at the current address and present their registration card for temporary protection, as well as an identity document from the country of origin, the Social Assistance Agency announced.
The benefits will be granted after a social survey, which establishes all the circumstances of social, family, household and health nature, the agency explained.
One option for Ukrainians in our social assistance system is a one-time assistance for incidental health, education, utilities and other vital needs, which is BGN 375. According to instructions published to Ukrainians on the website of the ASA, they are entitled to a monthly social assistance. However, this type of support is conditional - 4 hours of community service must be worked for a period of 14 days each month.
Along with the one-time and monthly social assistance, there is a third type of assistance, which is little known - to cover the cost of issuing an ID card. Bulgarian citizens fleeing the war, for example, could benefit from it.
The money will be disbursed both in cash and by bank, the ASA clarifies. That is, the lack of a bank account should not be an obstacle. However, it remains to be seen how exactly the right to assistance will be assessed due to the specific circumstances of many of the Ukrainians who have found shelter in our country. Usually in our country an examination of the property status of the candidate is made, whether he has side income, whether he has recently had a sale of significant property, etc.
Social benefits will be the first direct cash assistance to Ukrainians from the budget. Compared to other European countries on the waterfront, Bulgaria has chosen to pay not to the refugees themselves, but to the hotels that accommodate them. Accommodation will receive BGN 40 per day per accommodated refugee. This amount includes bed, breakfast, lunch and dinner, and according to some not very clear statements of the headquarters - and transport.
At the moment, more than 113,000 people from Ukraine have entered Bulgaria and about 60,000 remain, with an average of one third of them children, Deputy Prime Minister Kalina Konstantinova told BTA yesterday. Over 70% of the remaining are accommodated in hotel, state and municipal bases. The remaining 30% choose to stay with relatives, friends or in private homes. Nearly 6,000 people have already received temporary protection.
VOUCHERS AND AID FOR UKRAINIANS SHELTERED BY PRIVATE PERSONS
The introduction of a system for providing assistance to Ukrainian refugees sheltered by private individuals who provide their homes free of charge is currently being discussed. This was said from the parliamentary rostrum by Georgi Gokov, Minister of Labor and Social Policy.
The Minister also said that the preliminary estimates of the additional funds from the REACT EU instrument show that up to about 50 thousand people can be provided vouchers worth BGN 100 to provide food and basic necessities. This voucher will be used to purchase basic necessities, baby food, children's clothing, school supplies, hygiene materials and other essential products. It is envisaged that the vouchers will be provided by the social assistance directorates, and the option of people receiving them at the initial reception points is being discussed. The voucher will be given once to the persons who have received temporary protection. An additional voucher can be obtained after assessing the needs and assessing specific circumstances such as age, health or other circumstances that prevent the basic necessities of life. The assessment will be performed by social workers from the territorial divisions of the Social Assistance Agency. Vouchers can be used in stores in the country.
What are the social rights of refugees with temporary protection status - information in Bulgarian and Ukrainian.
CONSULTATIONS
On 0800 88 001 the Ministry of Labor and Social Policy provides free consultations in Bulgarian, Russian and English to Ukrainian citizens on access to the labor market in Bulgaria and opportunities for social support for children and families every working day from 9.00 to 17.30.
24.03.2022
NEARLY 59,000 ARE NEW UNEMPLOYED SINCE THE BEGINNING OF THE YEAR
The number of registered unemployed in the labor offices for the period from the beginning of 2022 to March 20 reached nearly 59,000 people (58,968).
This is shown by the data from the specialized labor market monitoring due to Covid-19 of the National Statistical Institute and the Employment Agency.
At the same time, for the period from January 3 to March 20, just under 35,000 people started work (34,898).
From the beginning of 2022, there is a lasting trend for the predominance of those enrolled in employment offices over those employed.
In the last observed week (March 14-20), the newly registered unemployed in the country were 4,763, and the number of unemployed was 3,502.
In the period March 14-20, most were registered in the labor offices in the districts of Plovdiv (457) and Sofia-capital (452). At the same time, most of those who came to work were in Plovdiv (294) and Sofia (287), according to preliminary NSI data.
18.03.2022
ENTREPRENEURSHIP: BROCHURE MARKETING CAMPAIGN - FOUR FACTORS FOR SUCCESS
Brochures are still one of the most influential tools through which retailers and brands communicate their offers. However, many things have changed since the pandemic began. There are more and more innovative ways of advertising due to the growing opportunities provided by the online space (such as IKEA's approach to helping its customers design their kitchen online).
With the development of the metaverse, artificial intelligence and other similar technologies, it is no coincidence that digital advertising tools are becoming increasingly popular.
If you are planning to distribute brochures in 2022, there are many opportunities to do so effectively. Here are four key factors to consider when planning your brochure distribution campaign.
Do not give in to emotions and do not rely only on your inner feelings, but take the time to plan everything rationally from start to finish. There are many things to consider, such as who and how can distribute brochures - these days it's not so easy because you can't leave paper leaflets in every mailbox. That's why it's worth considering distributing digital brochures.
Another reason to bet on the digital format is the rising price of paper in Europe. The future has a lot to offer companies that choose digital brochures in addition to paper ones.
Think about your target group. Do you want to present your offers to a well-known audience, or are you trying to reach new people? Think about what consumers like and what they are looking for. It is also important to consider the products you will be communicating. With online advertising, you can easily and accurately target each of your offerings to reach the desired audience.
You may have seen some great ads before, but make sure you make yours unique. As many competitors use the brochure as a marketing tool, the distinctiveness, clarity and uniqueness of your offers are crucial.
Simple things, such as colors, can have a big impact on how a user perceives your brochure. For example, while clear and bold graphics work well for some buyers, for others, more minimalist ads will work better.
In the report "The Impact of Colors on Marketing", researchers found that buyers make an initial assessment of a product or website within 90 seconds and that 62-90% of it is based on color alone. Similarly, in a Statista report, 42% of women say that color is an important factor when buying clothes.
With digital brochure distribution, you can easily test different colors and elements to see which ones will reach your target audience in the most effective way.
Encourage consumers to take action. Many people have become more price sensitive due to the pandemic, so adding vouchers, discounts or special offers for a limited time is a great way to motivate customers to take a step towards buying. You will need a compelling message to get customers to buy from you. Be clear about what, when, where and how much they can buy.
Make sure you can measure your campaign performance. With digital brochures, it's very easy to check how well a campaign is working and whether it's reaching the right audience.
18.03.2022
CONTINENTAL IS INVESTING ANOTHER 150M EUROS IN ROMANIA
German carmaker Continental has invested another 150m euros in 2021 in its Romanian business and plans to invest the same amount this year.
In recent years, the giant has invested an average of 150m euros a year in its Romanian business. From 1999 to 2021, Continental invested more than 2 billion euros in Romania.
The company intends to invest in projects to expand its buildings and new equipment for its engineering centers, as well as its tires, electronic components and factories ContiTech in 2022, said in a press release from Continental, quoted by SeeNews.
By the end of 2021, Continental has more than 17,500 employees in its engineering centers and production facilities in Romania. They are 2,600 fewer than the company's employees by the end of 2020. The difference is due to the separation of the propulsion systems division from the Continental Group in 2019. The division was renamed Vitesco Technologies.
All 3 divisions of the company are represented in Romania. Continental has 6 plants and 4 engineering centers in Timisoara, Sibiu, Carey, Nadab, Brasov and Iasi. The company also has a tire distribution center in Bucharest.
Continental has more than 230,000 employees and is the fourth largest tire manufacturer in the world with tens of billions of euros in annual turnover. It also manufactures braking systems, internal electronics, automotive safety, chassis drives and components, tachographs, tires and other parts for the automotive and transportation industries. Its customers are all major manufacturers of cars, trucks and buses.
