Bulgaria: Salient Updates in Insurance Policy

Latest changes that entered into force on 01.08.2023 in connection with the Law on the State Budget of the Republic of Bulgaria for 2023 and State Social Security Budget Law 2023 affect Insurance, Social Benefits and Social Security.

Amendments in the Insurance policysuggest that the minimum insurance income for self-insured persons, registered farmers and tobacco producers be increased from BGN 710 to BGN 780, starting from August 1, 2023. On another note, the minimum insurance income for the main economic activities and qualification groups of professions is increased to the level of the minimum wage – BGN 780, with an adjustment being made only in relation to the positions that are below the specified amount, starting from August 1, 2023.

As for amendments in the Social Benefits policy, amount of monetary compensation has been reviewed for raising a child up to the age of 2 under Art. 53 of the Code for social insurance and for raising a child up to the age of 8 by the father (adoptive) under Art. 53g of the same code for 2023 – BGN 780. This change is retroactive from 01.01.2023.

The Social Security Codehas been updated. According to the latest version, remuneration relating to past service shall be apportioned over the days worked during which the service was performed (Article 6(2)). Furthermore, self-employed fathers who are insured for general sickness and maternity are entitled to the benefit provided for in Article 50(6), when they have 6 months of insurance for this risk (Article 50(9)).

For more information on the separate amendments and the new texts herein, please contact Eurofast office in Bulgaria at sofia@eurofast.eu

Natalia Rumyanova
Head of EOR Services
Eurofast Sofia