04.09.2024
DON'T IGNORE USING SICK LEAVE
In today's fast-paced business world, where we work hard, we sometimes forget about the important role of vacation for our health and well-being.
Ignoring sick leave granted by a doctor or other professional can have serious consequences for our physical and mental state. What are the features of this type of temporary disability leave?
Imagine a worker who, instead of following his doctor's orders, decides to continue working in harmful conditions. Time passes and his condition worsens. Continuous exposure to stress and tension at the workplace leads to accelerated deterioration of his health. Instead of taking a few days off, this worker chooses to neglect his health, which ends up costing him long periods of treatment and recovery. Is this worth it?
In Bulgaria, the duration of sick leave depends on the specialist who issues it. A doctor or dentist can provide sick leave for a maximum of 14 days, and the total period in a calendar year must not exceed 40 days with a break.
The emergency center provides sick leaves for a period of up to 3 calendar days, and Medical Advisory Committees (MACs) can authorize leave of up to 180 calendar days and no more than 30 days at a time. TEMC carries out an examination after 180 days of continuous leave or when using 12 months of leave in two previous calendar years and in the year of illness.
All of these measures are designed to ensure that workers have enough time to recover and deal with health issues before returning to work. Ignoring the granted leave due to temporary incapacity for work can lead not only to serious health problems, but also to a loss of professional efficiency and job satisfaction.
The sick leave is issued on the day on which the temporary incapacity for work is established. It is not allowed to issue a sick leave in which the date of commencement of sick leave is later than the date of its issue.
An exception is allowed only in cases where the temporary inability to work was established on the day the person was at work, regardless of the hours worked, or after the expiration of his working hours. In these cases, the leave given for temporary incapacity for work (sick leave) necessarily starts from the next calendar day, regardless of whether it may be non-working for the person.
An exception is also allowed in cases where the sick leave is a continuation. In these cases, the leave given for temporary incapacity for work begins compulsorily from the day on which the person should have reported to work according to the preceding sick leave, regardless of whether it may be non-working for the person.
Maintaining a balance between professional and personal obligations, including the use of sick leave, is essential to the long-term success and well-being of the worker. The appeal is to all of us to take care of our health and take advantage of the leave opportunities that have been created to maintain our health.
03.09.2024
HOW PEOPLE WITH DISABILITIES CAN RECEIVE ASSISTANCE FROM THE NATIONAL HEALTH INSURANCE FUND
Who is entitled to receive assistance from the National Health Insurance Fund? The Health Insurance Fund provides answers to this question.
People with disabilities are entitled to such funds, with a valid protocol from the Medical Advisory Commission/Territorial Expert Medical Commission/National Expert Medical Commission.
What are the steps if you are a person with a disability and need an aid, device, facility or medical device:
To visit a Medical Advisory Commission/Territorial Expert Medical Commission/National Expert Medical Commission, from where you will be issued an electronic protocol/decision to prescribe an aid, device, facility or medical device;
Expert committees of the National Health Insurance Fund/Regional Health Insurance Fund will review your electronic application and issue an approval or reasoned refusal to grant your pre-approved aid, device, facility or medical device; the deadline is 7 days from the receipt of the application. Each approval will contain details of you and, where applicable, of your authorized person (where the application is submitted by them). The approval will have a registration number and date of issue. It will include aids, devices, equipment or medical devices with the corresponding codes in the National Health Insurance Fund;
You or the person authorized by you will be informed about the approval or the reasoned refusal by a written message to the e-mail indicated by you and/or by telephone. You do not need to visit an office of the Regional Health Insurance Fund;
You can get your aid, device, facility or medical device from any retailer that has a contract with the Regional Health Insurance Fund, without territorial limitation - that is, wherever it is convenient for you in the territory of the country. For this purpose, you must identify yourself to the trader you have chosen by means of an identifier - PIN, names, number and date of approval for the provision of an aid, device, facility or medical device.
What should you do if your aid, device, facility or medical device needs repair?
You or a person authorized by you must submit an application for repair work (according to the model) to the director of the Regional Health Insurance Fund. You can also send the application by certified mail (return receipt requested) via a licensed postal operator;
An expert committee at the Regional Health Insurance Fund examines and approves the applications;
The Director of the Regional Health Insurance Fund issues an approval for the repair of an aid, device, facility or medical device or a reasoned refusal. A reasoned refusal is issued in case of non-compliance with the conditions specified in the list-specification of aids, devices, equipment or medical devices and is sent with a cover letter to the specified address of the applicant;
All retailers who have a contract with the Regional Health Insurance Fund are obliged to provide repair work for aids, devices, equipment or medical devices. For this purpose, you or a person authorized by you, must identify yourself to the merchant of your choice by means of an identifier - PIN, names, number and date of approval for granting an aid, device, facility or medical device. According to set criteria, the merchant notes the provided repair activity in the specialized software product.
You should also know:
Applications for the grant of an aid, device, facility or medical device with a total value of up to BGN 1,000 are considered by the relevant Regional Health Insurance Fund at a permanent or current address.
Applications for the granting of an aid, device, facility or medical device with a total value equal to or greater than BGN 1,000 are considered by the Central Office of the National Health Insurance Fund.
The prescription of an aid, device, facility or medical device is carried out according to the specification of the National Health Insurance Fund with a code, without specifying specific trade names or companies.
It is possible to submit applications for the grant of an aid, device, facility or medical device on paper to the Regional Health Insurance Fund only when the application cannot be submitted electronically by the Medical Advisory Commission/Territorial Expert Medical Commission/National Expert Medical Commission due to technical reasons.
Who to contact if you need information:
The list of experts from the Regional Health Insurance Fund, who are contact persons and submit information to the National Health Insurance Fund about problems or cases that have arisen, can be found on the website of the National Health Insurance Fund www.nhif.bg, under the heading "Resources".
The National Health Insurance Fund, together with "Information Service" JSC, is working on the implementation of a technological possibility that will allow people with disabilities who have applied for the granting of aids, devices, equipment and medical devices to be notified of the decision made via SMS and Viber messages.
29.08.2024
CONCRETE STEPS TO BE RECOGNIZED AS AN AUTHORITY AT WORK
And for some it seems like magic - they start a new job or find themselves at a party with strangers and in no time become the center of the company. They are not bosses, they are not the smartest, the strongest, the most beautiful, but they become leaders without knowing how they do it.
Psychologists admit that this requires a certain amount of innate talent. But personal development experts say you can also learn leadership skills. You must have the drive, desire and willingness to put in the effort.
You don't have to be a boss to be a team leader. But if your colleagues see you as an authority figure, it's likely that bigger bosses will soon offer you a higher position.
Don't believe the myth that you need a job. If you're waiting to find yourself in a place or position that will push you into leadership responsibilities, you may be waiting a long time. Leadership isn't something that happens to you, it's something you do, experts say.
They think you will find out if you can become first the informal center of the team and then get a managerial position by checking your attitudes.
There are two foundations on which you will build leadership qualities.
The first is to have a desire to help people be better at what they do. It is your inner motivation that will attract your colleagues. If this basic attitude of self-giving doesn't exist, no matter how hard you try to improve your personal skills, you won't get others to recognize you as the center of the team.
Most people are capable as professionals, but their ambitions are tied to their own advancement. Few are those who think beyond themselves, about the whole, about creating a work atmosphere that leads to success. And this is precisely the initially necessary quality of a leader.
Is it missing, a person can become a chief, but by position. He will order, his subordinates will perform, but they will not consider him a leader, because he does not help them become better at what they do, but manages them.
The second foundation of leadership is trust. It is created with integrity.
It doesn't matter what you do and what position you are in. If your attitude is to consider not only your interests, but also your colleagues, to be responsible, to fulfill your promises, to show respect and empathy, you have a chance to win their trust.
Misanthropes (people who don't love their neighbors), egoists, and those who tend to cheat at the expense of others cannot be recognized as leaders, no matter how many leadership techniques they study.
If you think about your past experience as a working person, you will see the difference between a leader and a boss. You must have been bossed around. You may have had a colleague who you and everyone else saw as an informal leader. It is less likely that you have had a superior who you felt was a real leader, not just an appointee.
This is because of the two basic attitudes in question that many people think they have, but in practice it turns out not to be true. And because of another thing, which, however, is more of an innate quality.
Experts say that leadership skills can be learned by building on self-giving and integrity, but intuition helps immensely. It is precisely because of her that some people seem to have the talent of leaders.
Born leaders are situational sensors, as experts Rob Goffey and Gareth Jones call them. They can collect and interpret the information from the environment in the right way, recognize details and signals, read the non-verbal signs that others leave in order to choose the right moment and the best course of action.
This is called intuition, and in born leaders it is stronger than in others.
However, if you think you don't, don't assume you'll never become a leader. Intuition is not just a sixth sense, it develops with experience. And again, you have to use it properly - not only in your own interest.
Therefore, experts say that it is important, but not basic. Those two attitudes remain fundamental - helping others become better at what they do and building trust with your integrity.
--- What to do to get recognized ---
To be accepted as a leader, you must change your mindset.
Recognize the qualities and strengths that lie within you, give yourself the confidence that you can manifest them. If you don't show them, your colleagues won't recognize them.
It's understandable - humans are social animals. Everyone tends to stick to the herd way of thinking and behaving, afraid to shake established norms and hierarchies in order to stand out from the rest, because there is a risk that this will also lead to his being ostracized from the herd. But a characteristic of a leader is that he is also willing to take risks. No one becomes a leader by following the crowd.
However, you can't listen to everyone's advice, it's a waste of time. To be a leader, you have to learn who to listen to and who to ignore. You must learn and balance between steadfastness in defending what you firmly believe to be right, and wisdom in accepting other people's suggestions, which you judge to be the best.
Constructive criticism is at the heart of being a leader. You remember that the one basic condition is that you want to help them get better at what they do. In practice, it means helping them see their mistakes and rethink their approach. If you're a bossy leader, employees need feedback even more to know exactly what they're doing well and what they're not doing so well.
Feedback is a valuable guidance and success tool that reinforces your position as a leader.
This goes into the second basic condition of leadership - integrity and trust. It builds a deeper connection between you and others.
It is the leader who sets the direction and pace. It's even more mandatory if you're also a boss.
It's human to lose your temper when someone makes you angry. But anger, hysteria, screams are not distinctive features of a leader. Learn to control your emotions and try to think carefully about your words before you speak them.
28.08.2024
IDEAS FOR ADDITIONAL PASSIVE INCOME
Do you dream of higher incomes, more flexible working hours or even early retirement? If you start thinking outside of the 9 to 5 box, you'll be able to work less, have more time for family, and more money for the things you love.
No, you don't need to look for a higher paying or second job, but to build a passive income system. Passive income will provide you with a better standard of living and give you financial peace of mind for the future. The best part is that there are a variety of ways to earn passive income suitable for everyone.
What is passive income?
Passive income is a way to regularly earn secure money with minimal effort. Note that we didn't say "any" effort. Providing passive income isn't a quick job where you can make money while you're "kicking your feet." You will have to put in the effort – at least at first. So if you're expecting passive income to get you rich quick, you're going to be disappointed.
Some passive income ideas – like creating a blog or mobile app – take time (and sometimes money) to start working for you. But if you play your cards right, they can end up earning you even while you sleep.
What are the benefits of passive income?
Your salary is the surest way to achieve financial security – however, this tool usually requires you to work at least five days a week. Even if you love your job, you probably wouldn't mind earning extra income without a lot of effort and time involved in another job.
A well-built passive income will help you grow your wealth and protect you from complete loss of income if something unforeseen happens with your main job. If you're one of those people who dreams of early retirement, passive income will help you achieve it. And when you retire, you'll have that extra source of steady income.
How to build passive income?
If we were to list all the ways you can build passive income, we would have to write a novel. The possibilities are literally endless. So we've narrowed the list down to the most preferred options:
One way to build passive income (with money saved and no debt) is to buy real estate and rent it out. But before you jump into buying a home, first pay off your own home and buy your investment property with available cash. Never go into debt to buy a rental property.
Rent is a great source of extra income, but it's not technically passive income. You need to market it and keep up with maintenance and cosmetic improvements if you want it to become a source of income. It takes time and effort to decide how you will rent the property and how to manage it – unless you hire a property management company, but that would mean less income for you.
If you decide that this option is right for you, we advise you to buy a property in a place where it is convenient for you to visit it so that you can observe it in person. Find a realtor who knows the chosen area well and knows what would be attractive to tenants.
If you still have debt to pay off or can't afford to buy an entire rental property, consider offering a spare room. Having a roommate or Airbnb guest is a great way to add extra funds to your budget—if you don't mind sacrificing a little privacy.
Before you choose Airbnb, there are a few things you should pay attention to. First, checking guests in and out and cleaning the room between check-ins can become a second job, especially if several people rent your room a month. In addition, you must be able to absorb additional maintenance and replacement costs for depreciated items and appliances.
You may also need to add additional coverage to your existing home insurance policy or take out an entirely new type of insurance, which can be costly. So you should discuss the matter with your insurance agent before listing your spare room on Airbnb.
People have a lot of belongings and those who don't have enough space are looking for cheap ways to store them. If you have spare space in the basement, garage or yard, what could be easier than having people pay you to store their stuff? You will just need to make sure that their items are safe and secure.
These are services through which you can derive financial benefit from your indoor or outdoor free space. Your profit depends on your ability to find the right customers and negotiate a fair rent. Even if the profit doesn't seem like much to you, the amount accumulates over time.
If you have a barn, garage, or even just a carport, you can store vehicles, boats, campers, and other expensive "toys." Their owners are willing to pay more to keep their valuables safe and protected from the elements. This is a wonderful way to earn passive income with almost no effort.
Do you have items you don't use all the time that others would like to borrow? Things like a trailer, trampoline, kayak, or even a car, truck, boat, camper can bring you a decent amount of money.
If you have additional sports equipment, bicycles, surfboards, skis - you can advertise them for rent. The same goes for a variety of tools and machines such as a chainsaw, lawnmower, drill, etc. that you rarely use. All you need to do is upload photos of your items to a suitable online platform and set the desired price.
Check out the sites and social media to get a real idea of how the prices and terms are going for this activity. Just be sure to set the appropriate requirements so that you don't end up with broken appliances and tools that you have to buy out of your own pocket.
If you have an interesting hobby, a specific profession, or a brilliant idea that appeals to a specific audience, you can create an educational blog or a useful YouTube video series that does not require constant new material to generate online traffic.
If your content is engaging and gets enough daily traffic, you can sell ad space on your blog or ad spots on your channel. After a certain amount of hard work, you can sit back, relax and enjoy the cash flow for everyone who views your content.
Keep in mind that some forms of passive income are less passive or require more work than others. There is a lot of competition in the digital space and although you don't need to spend thousands on advertising to get attention, you need to update your content regularly (new videos or posts) to keep getting noticed.
Create a blog, website, YouTube channel or podcast on a topic you understand and are interested in. Useful and quality content, whether educational or entertaining, has the potential to attract an audience that can be monetized through advertising, sponsorships or the sale of proprietary products.
If you're an expert in a field, share your knowledge with the world by creating short ebooks, a digital manual, an app, or online courses. Such products are sold online and can generate passive income long after they are launched.
You can also sell something that incorporates your creative skills. For example, if you are a good photographer or illustrator, sell stock photos on various sites. If you're into music production, license your tunes and sell them to YouTubers and podcasters to use them for their content. Each new download or purchase of rights generates additional income.
Have you ever bought something really cool and told your friends, family, coworkers, and even the cashier at the store about it? You think you should be paid for all this advertising. Well, you're right - it's called affiliate marketing.
In affiliate marketing, a company pays you to praise their products publicly. If you're active on social media, you've probably seen hundreds of people do this, posting a special link or discount code under a photo of themselves using a certain product. For this, the company must have an affiliate marketing program that you can apply to become a part of.
Explore other options such as dropshipping for example. Dropshipping is an order fulfillment method that does not require you to keep products in stock. Instead, the store sells the product and passes the sales order to a supplier, who then ships the requested product. This business model can generate income while you are engaged in other aspects of life.
Many investors aim to get passive income from their investments and dividend stocks may be a good solution for their investment portfolio. By paying dividends, investors receive additional income beyond the potential increase in the price of purchased company shares.
Most people associate real estate investing with the physical purchase of a property. However, there are other opportunities to take advantage of the real estate market. In the stock markets, you have access to several different assets that you can choose from to gain exposure to today's real estate market.
The first opportunity to invest in real estate through the stock markets is the shares of real estate companies. The other option is real estate investment trusts - real estate exchange traded funds and real estate investment trusts (REITs). Familiarize yourself with the specifics of each asset before choosing.
Discover the potential of alternative energy sources - solar panels, wind turbines or hydroelectric plants.
Investing in renewable energy projects can not only contribute to the protection of the environment, but also represents an opportunity for stable and passive income. Such projects usually generate revenue from selling the energy produced or participating in green certificate programs.
With the growing awareness of environmental challenges, investment in this sector appears not only as a financial opportunity, but also as a step towards a sustainable future. More and more public chatter is turning to sustainable practices and so the demand for green energy is growing, making it a potentially profitable and environmentally conscious investment.
Artificial intelligence (AI) facilitates our daily lives through automation and supports decision-making in business and medicine. Technology provides new opportunities and increases efficiency in various areas, such as forecasting trends and solving complex problems. AI is expected to greatly impact both the global economy and our lives.
Explore the opportunity to invest in companies that are involved in the development of robots and artificial intelligence. This sector is growing rapidly and investments in companies that offer automated solutions and innovations in robotics can provide a non-standard and growing source of passive income.
Industries related to automation, machine learning and artificial intelligence technologies continue to evolve. Pay attention to companies involved in the development of autonomous systems, intelligent software and high-tech applications in robotics.
Here's how to get started
The list of passive income ideas can really be endless. The choice very much depends on your personal talents, interests and skills. As you search for the best way for you, start asking yourself the following questions:
- Are other people making good money doing this?
- Which passive income strategy is best for me?
- Does this idea show profitable results in the long run?
- How long will it actually take for me to actually start earning?
Don't fall for passive income ideas that promise quick returns or require a huge initial investment. Activities that require too much time and money cannot be considered passive and could end up sabotaging your financial goals. Look for options that are stable, profitable and reliable. So do your research thoroughly.
How much can I earn with passive income?
How much you can earn depends on how much work you are willing to put in. As already mentioned, passive income does not mean earning without any effort. You must maintain the things you rent. You have to write the book or shoot the video. You need to create a unique garment that people want to buy. Passive income takes work!
A passive income source will not make you rich overnight, so forget about any get-rich-quick schemes. But stable and profitable passive income options can bring you good money in the long run. The amount of your profit largely depends on which option you choose and how hard you work on it.
27.08.2024
THERE ARE THREE LEGAL WAYS TO WORK ABROAD
During the summer season, the cases of defrauded Bulgarian citizens who were promised jobs in Sweden and Canada have become more frequent, reports the General Labor Inspectorate.
Unemployed people, mostly of low social and educational status, arrive in Sweden at the invitation of friends or on the Internet with promises of work in construction or picking berries for unrealistically high wages. Arriving in the Scandinavian country, they are forced to work in extremely harsh conditions with very little or no pay.
The General Labor Inspectorate reminds jobseekers abroad that no matter how they leave Bulgaria, they must leave Bulgaria with a written document with agreed terms of work and pay, working hours, vacations, etc.
A sure sign of a scam is asking for various types of placement fees that shouldn't be collected.
"Don't trust ads, especially on social networks," warned Vanya Dzhupanova, an expert at the General Labor Inspectorate. Let's recall the legal ways to work abroad:
- Through an intermediary;
- Through an enterprise that provides temporary work;
- By secondment within the scope of service provision.
When hired by a foreign employer, the General Labor Inspectorate has no right to carry out inspections abroad. Then the employees can only report to the authorities in the respective country.
The licensed intermediaries, as well as the enterprises providing temporary work, are published on the website of the Inspection.
For Bulgarians working abroad, the General Labor Inspectorate maintains a special telephone number where they can seek advice and assistance during working hours: 0035928101747.
26.08.2024
IN WHICH SECTORS ARE WORKERS SOUGHT?
The level of registered unemployment in the country of 5.4% was reported in July by the administrative statistics of the Employment Agency.
As a result of the work of the Roma and youth mediators, as well as the labor mediators in the labor offices, more than 5,150 inactive persons on the labor market were activated during the month, which is 18% more compared to the previous month.
At the end of July, a total of 152,844 people were registered as unemployed at the labor offices. 14,542 unemployed persons started work during the month. 339 pensioners, students and employed persons also started work with the support of the labor offices.
The number of vacancies on the primary market declared in the labor offices is increasing, which in July was 8805. In the real economy, the most jobs are in the sphere of processing industry (24.0%), education (18.8%), public administration (11.5 %), trade (10.6%), administrative and auxiliary activities (7.8%), followed by hotel and restaurant industry (5.2%).
The occupations most in demand by businesses in July are: Educators, Human Care Personnel, Mining and Manufacturing, Construction and Transportation Workers, Salespersons, Machine Operators of Stationary Machinery and Equipment, Waste Collection and Related Workers, Personnel, employed in the field of personal services, drivers of motor vehicles and mobile equipment, cleaners and helpers, skilled workers in the production of food, clothing, wood products and related, etc.
There were 4,669 representatives of risk groups who found employment last month through subsidized jobs. Of them, 3,817 started work under employment programs and measures financed by the state budget, and 852 under projects of the Human Resources Development Program 2021 – 2027, co-financed by the European Social Fund plus. In July, more than 12,500 training vouchers were issued to employed and unemployed persons.
23.08.2024
FAMILY BUSINESSES AND CRAFTSMEN CAN APPLY FOR A GRANT OF UP TO BGN 150,000
Family businesses and enterprises from the creative industries and crafts have one more month to apply for support with European funds to increase their production capacity, the Ministry of Innovation and Growth announced.
Companies can apply for a grant of between BGN 15,000 and BGN 150,000 under the "Competitiveness and Innovation in Enterprises" Program, which is administered by the Ministry of Innovation and Growth. The total budget of the procedure is BGN 117.5 million.
For the first time, support is specifically aimed at micro and small family businesses, and those from the creative industries and craft sector.
With the funds, the companies will be able to buy new machines, equipment, tools, as well as specialized software. They will have the opportunity to create online stores to improve their market performance and increase their sales. The procedure will also provide support for the introduction of information and communication technologies or modules to improve management, production and logistics processes.
Co-financing is a minimum of 25 percent for family businesses and those in the creative industries and at least 15 percent for businesses in the craft sector.
The Ministry of Innovation and Growth launched the information campaign to present the procedure "Support for family businesses, enterprises from creative industries and crafts" from the Program "Competitiveness and Innovation in Enterprises" in the middle of last year.
The main objective of the procedure is to encourage investments to improve production capacity and optimize business processes in family businesses, enterprises from the creative industries and crafts and thus contribute to increasing their competitiveness and strengthening their market presence.
22.08.2024
QUESTIONS TO IMPRESS THE NEW BOSS
Starting a new job is a trial and a challenge, and the most pressing and greatest thing is to make a good first impression. The sooner you build fruitful relationships with your boss and coworkers, the easier it will be to steer your career in the right direction.
For the first day of work, of course, you should dress carefully, having researched whether there is a mandatory dress code and, if not, what is meant by "appropriate".
It may help to ask a colleague you know.
If there isn't one, just use common sense. You should be one idea more elegant than you will be in the following days, you still have a more special occasion. But don't be too formal, you're going to work after all, not to a party.
It is true that clothes are welcome, but it is even more important how you will behave. Be friendly, smile, try not to show that you are actually worried. (Tell yourself you'll like them - the so-called prophecy of acceptance helps with success.) Force yourself to restrain yourself if you're the type of person who, under pressure, starts talking a lot or seems to act arrogant.
You will show that you are willing to put your best foot forward by asking questions of your line manager and colleagues. Think about what in advance so that you don't sound bored and look unprepared, but demonstrate that you want to explore the new environment. This is the surest way to make a good impression.
"How are you" is a trite question, but it is a common form of politeness. It won't hurt you to ask. The answers will probably also be banal, but showing interest can be a plus in the eyes of your supervisor and colleagues.
"How can I help" sounds better than "What should I do", although in practice it means the same thing. Since you have just started work, you will probably first need to read and sign a bunch of documents that the Human Resources staff will give you. But when you ask for work instead of waiting for orders, you show good ethics.
It is very likely that the boss already has specific tasks for you. Dealing with them will help you adapt. Doing something is less stressful than sitting anxiously looking around while colleagues around you work.
"What is the preferred method of communication" is a necessary question to the boss and colleagues. It will help you avoid misunderstandings. You will make a bad impression if you go to a manager who prefers to receive information by email. Emailing a manager who is not in the habit of reading their mail will be a waste of time, if not worse.
It is also good to find out in which cases your boss wants written communication, in which - phone conversations, in which - meetings. Even if you don't like the boss's habits, it's clear that you have to adapt to them.
Research what are the accepted ways of communication between employees in different departments of the company and between people on the team. In this way, you will interact effectively from the beginning, and you will gradually understand the peculiarities of some colleagues. There's always at least one person who doesn't read their emails, and if you want to get your work done, you have to call them or have a live chat with them.
"Who are the people I need to meet in the coming days" is an essential question, especially if you work in a large company and your job involves interaction with other departments. Establishing business contacts is critical to your success right from the start. The other benefit is that by getting to know colleagues from other departments and possibly their managers, you'll get a better idea of the company and your place in the bigger picture.
It's smart to ask your boss for advice on the people you absolutely need to meet, because that way you show him that you value his opinion.
By asking, "What should my goals be for the next month," you demonstrate long-term thinking. This conversation with your boss helps you clarify your priorities and focus on the most important tasks.
If you feel that the boss is not ready to give you an answer, in the next moment you can rephrase the question as "What are the tasks and goals of the team for the next month". Your manager should be aware of both them and your specific place in them - after all, you are not falling from the sky and he has thought about what he will assign you to work on.
21.08.2024
FINANCIAL ADVICE FOR YOUTHS - HOW TO INVEST IN YOUR 20S?
For most people, the twenties are an exciting decade with many important decisions to be made, both personally and financially. Follow up, study or work, travel, wedding, first car and maybe even own home.
With so many exciting adventures and changes happening, not many young people think big about the future. Or about the accumulation of wealth when the dreams are big and the salary is still modest.
After reaching adulthood, it's never too early to start sorting out your own finances and making your first investments. It is important for young people to know what to pay attention to when they are "walking through" investing.
The right balance between chance and risk
Myths and (supposedly) safe advice about stocks or the perfect portfolio hover around building wealth at an early age. A portfolio consists of different asset classes. Stocks can generate high returns, but they are also subject to fluctuations. Bonds are considered a relatively stable investment, but in the current market environment they achieve low and sometimes even negative returns. Each asset class has different advantages and disadvantages. That's why it's important to balance between different values to find the asset allocation that fits your financial style and lifestyle.
Many financial advisors recommend portfolios based on the 100 minus age rule. This means that a 20-year-old should invest 80% of his savings in stocks and 20% in bonds. For an 80-year-old, the allocation is reversed: 80% invested in conservative bonds and only 20% in stocks. There is a grain of truth in this rule. Long-term investments are considered less risky because short-term price fluctuations can simply be paid out. And with the compound interest effect, even small sums can turn into a significant fortune over time.
So let time work for you. But even when you're young, you need to differentiate between different investment goals and create different portfolios for them—even in your 20s. Do you have a lot of plans? Then don't put everything on one card when investing.
Young people who are just entering the world of adults at full throttle often do not yet have very concrete plans for life. So how and what precautions should you take? Although each case is unique, there are a few rules of investing and financial advice that always work:
Anyone who falls ill or becomes unemployed gains nothing – but the cost of living continues. Therefore, the most important rule of financial education is to create an emergency fund to protect yourself from the unexpected. The money in it should cover your average expenses for 3 to 6 months.
Invest this amount conservatively and in such a way that you can access it anytime. If you still don't have enough for your 'safety net', you can, for example, save through an exchange-traded fund (ETF) savings plan. It provides an opportunity to save and invest simultaneously with small amounts every month that are invested in mutual funds.
Successful investments often start inefficiently. This is because compound interest takes time for your money to grow. The long investment period is ideal, because even with small initial amounts, a small (and why not a large) fortune develops in the long term.
Those of you who invest time and stay calm will be rewarded with decent stock market gains. Young people are often impatient, but remember that patience pays off. Since your retirement date is more than 40 years in the future, your money has plenty of time to multiply. Take advantage of this and start long-term retirement insurance as early as possible, for example through a passive savings plan on an ETF.
A safety net protects you in the short term, a mutual fund savings plan allows your retirement benefits to grow - but there's more to the grain. Consider your medium-term plans and goals and make provisions with different portfolios.
Set savings goals such as travel, starting a home and family, and determine which strategy will most successfully get you to your goal. It is best to divide your investments into several portfolios - this is the most sensible way to take advantage of the opportunities of the world markets.
You will come across diversification as you learn the basics of investing. There are countless articles that offer advice on how and why to diversify. However, you should also familiarize yourself with the effects of "diworsification," a term coined by Wall Street trader Peter Lynch for the negative consequences of excessive diversification.
It is important to know that diversification does not guarantee profit without loss, it is simply a strategy to balance the risk associated with investing. According to experts, a successful portfolio ideally has between 25 and 30 stocks.
Effective diversification of your portfolio will be achieved by balancing your investments, spreading them among multiple assets. Some asset classes are high risk with high profit potential, while others are low risk with little profit potential. Using a mix of assets gives you relatively good security.
Greater diversification does not always equal minimized risk. In fact, over-diversification limits the potential of your investments so much that it can negatively impact your investments. This is called over-diversification. Success, as usual, lies in the "golden mean".
20.08.2024
ON THE NEW ALTERNATIVE TAX ON THE INCOME OF NATURAL PERSONS, WHO ARE NOT TRADERS, FROM THE COLLECTION OF WILD MUSHROOMS AND BERRIES
Comment from the specialist
Evgeniya Popova, tax expert
From 01.01.2024, a new alternative tax was introduced, with which the income of natural persons who are not traders within the meaning of the Commercial Law from the collection of wild mushrooms and fruits, with the exception of medicinal plants, is taxed.
This is a completely new type of tax, the introduction of which has given rise to various discussions, and there are also many opponents of the idea of its existence, and even a proposal for its abolition. It is a question of income from a specific seasonal activity, which also implies the possession of specific knowledge, but at the same time very profitable, given the prices of certain types of mushrooms such as truffles, the income from the sale of which falls within this scope.
Of course, there is no predictability in the amount of income that could be realized from this activity, since production largely depends on specific factors and atmospheric conditions such as rainfall, drought and other climatic features. Therefore, paying tax as a fixed amount that does not depend on the actual amount of income earned is something subjective, but practice shows that over the years there are other types of similar taxes that replace income tax and their amount is not affected by the amount of the acquired income - for example, the patent tax.
It is very important to note that this tax regime does not apply to persons who act as traders - for example, an individual is not registered as a sole trader, but systematically performs the activity by occupation.
Another important feature of taxation with this type of alternative tax under the Personal Income Tax Act is that the obligation to pay the tax is on another person - the state-owned enterprises under the Forestry Act, and not on the payers of the income - the companies that buy the collected produce.
The new alternative tax is included in the provision of Art. 14, para. 6 of the Law on taxes on the income of natural persons, according to which the income of natural persons, who are not traders within the meaning of the Commercial Law, from the collection of wild mushrooms and fruits, with the exception of those from medicinal plants, is subject to an alternative tax, and in part three of the Personal Income Tax Act there is a new chapter seven "a" with the title "Alternative tax on income from gathering wild mushrooms and fruits".
The basis for taxation of the income from collecting wild mushrooms and fruits is in Art. 41a of the Law on Personal Income Taxes, where in para. 1, it is stated that the income of natural persons, who are not traders within the meaning of the Commercial Law, from the collection of wild mushrooms and fruits, with the exception of those from medicinal plants, are taxed once with an alternative tax in the amount of BGN 30 for each month in which the activity is carried out.
In para. 2 of this provision states that the alternative tax for the income from gathering wild mushrooms and fruits is withheld from the state enterprises under Art. 163, para. 1 of the Law on Forests immediately before the issuance of a permit for carrying out the activity of collecting wild mushrooms and fruits, with the exception of those from medicinal plants, for the relevant month and is submitted within the terms and in accordance with the procedure of Art. 65 and 66 of the Personal Income Tax Act.
Therefore, the alternative tax under Art. 41a of the Law on Personal Income Taxes shall be submitted by state-owned enterprises under Art. 163, para. 1 of the Law on Forests, by the 25th of the month following the month of its withholding in the state budget, at the expense of the competent territorial directorate of the National Revenue Agency under Art. 8 of the Tax and Insurance Procedural Code, i.e. at the place of registration of the person obliged to withhold the alternative tax.
It should be borne in mind that an alternative tax, which taxes the income from collecting wild mushrooms and fruits, with the exception of those from medicinal plants, in the amount of BGN 30 is due only for the month during which the activity is carried out and pay before receiving the permit, i.e. before the start of the activity that will be carried out in the relevant month.
As was specified above, the responsibility for the collection and payment of the alternative tax is the state-owned enterprises - legal entities, with the status of state-owned enterprises under Art. 62, para. 3 of the Commercial Law. The Minister of Agriculture and Food, by order, determines the areas of activity of these state-owned enterprises.
State enterprises under the Law on Forests are:
– North-West State Enterprise;
– North Central State Enterprise;
– Northeast State Enterprise;
– Southeast State Enterprise;
– Southwest State Enterprise;
– South Central State Enterprise.
State enterprises that issue a permit for a specific month withhold, declare and pay both the alternative tax and the mandatory insurance contributions.
For the alternative tax due under Art. 41a of the Law on Personal Income Taxes, state-owned enterprises submit information in the order and manner specified in an ordinance issued by the Minister of Finance, i.e. in accordance with Ordinance H-13 of 17.12.2019 with declaration model No. 1 and No. 6, which is laid down in the provision of Art. 55, para. 3 of the Law on Personal Income Taxes. In practice, state-owned enterprises submit a declaration, but it contains information only about the amount of tax due and mandatory insurance contributions for the specific persons, but not about the amount of income acquired by them - the amount of tax under Art. 41a of the Personal Income Tax Act is indicated in 31.A in declaration form 1, and the code is 41. In declaration form 6 in item 16 "withheld tax under Art. 41a of the Law on Personal Income Taxes" the amount of tax withheld during the relevant month under Art. 41a.
According to the Law on Forests, a permit for the use of non-timber forest products from the forest territories - state and municipal property, is issued by the state enterprise under Art. 163 for each month in the month before the performance of the activity, and its value includes:
And in the Law on Forests, it is explicitly stated that the state enterprise under Art. 163, which issues a permit for a specific month, deducts, declares and pays the mandatory insurance contributions under para. 6, items 2 and 3, as well as the alternative tax under para. 6, item 4;
It is important to keep in mind that this regime does not apply to medicinal plants, within the meaning of § 1, item 64 of the Additional Provisions of the Personal Income Tax Act. These are plants that can be used to make herbs.
For the income from this activity of natural persons who are not merchants within the meaning of the Commercial Law, taxation is reserved in accordance with Art. 29, para. 2, b. "a" of the Law on personal income taxes, whereby 40 percent of legally recognized expenses are deducted when forming the taxable income.
Individuals are not obliged to file an annual tax return when they have only acquired income taxable with an alternative tax from collecting wild mushrooms and fruits, with the exception of those from medicinal plants, according to Art. 52, para. 1, item 6 of the Law on Personal Income Taxes. Even if the persons are obliged to submit an annual tax declaration on another basis, they are not obliged to indicate in it the income from the collection of wild mushrooms and fruits, with the exception of those from the medicinal plants, subject to an alternative tax according to the order of chapter seven "a" .
However, local individuals will be able to declare in their annual tax return under Art. 50 of the Law on personal income taxes for 2024 and the incomes acquired during the year, which are taxable with an alternative tax under chapter seven "a" on the basis of art. 50a, para. 1 of the Law on Personal Income Taxes.
Example: A natural person carries out an activity of picking wild mushrooms in the period from May to October inclusive. For each month of this period, the person pays the due alternative tax in the amount of BGN 30 and the due mandatory insurance contributions to the state forestry enterprise at the beginning of of the month before acquiring the permit to carry out the activity for the corresponding month. The tax thus paid is final.
In this case, the state-owned enterprise declares this tax in accordance with Ordinance No. H-13, submitting model declarations No. 1 and No. 6.
The company that buys the production, that actually pays the income from this activity to the natural persons, has no obligation to determine and pay tax for this income, as well as to submit information with the reference under Art. 73, para. 1 of the Law on personal income taxes for the amount of income paid by him, as he had for income from gathering wild mushrooms and fruits until the end of 2023, i.e. it is no longer intended to submit information on the income thus paid by the payers from the collection of wild mushrooms and fruits.
Regarding the documentation of income, there is also no special obligation to issue a document when paying/acquiring income from collecting wild mushrooms and fruits, as a Bill for paid amounts is no longer issued.
