Bulgarian pension reform comes too late

After months of negotiations the government, the employers and the trade unions have reached agreement about a reform of the country's pension system. But the gradual raising of the retirement age to 63 for women and 65 for men as of 2021 comes far too late, the daily Sega complains: "Bulgaria is in the worst situation in the EU in terms of its demographics. While other European countries still have ten to fifteen years to adjust their pension systems to the new situation, we can't afford to postpone the reform by even a single day. According to the European Commission's green paper there are four workers to each pensioner in the EU. If the current trend continues it is estimated that there will be two workers for each pensioner by 2050. In Bulgaria the current ratio is one pensioner to 1.3 workers. Over half of the money for paying pensions comes from tax revenues. Consequently the pension system is already bankrupt and is only being kept alive artificially."

» full article (external link, Bulgarian)
More from the press review on the subject » Trade unions, » Social affairs, » Society, » Europe, » Bulgaria
All available articles from » Rumen Obreshkov

» To the complete press review of Wednesday, November 3, 2010