The Bulgarian Pension System Caught Between Adequacy And Sustainability

Download or read book The Bulgarian Pension System: Caught Between Adequacy and Sustainability written by Mr. Jean-Jacques Hallaert and published by International Monetary Fund. This book was released on 2024-06-24 with total page 20 pages. Available in PDF, EPUB and Kindle. Book excerpt: During the COVID-19 pandemic, the Bulgarian authorities increased pensions substantially to support pensioners’ living standards and aggregate demand. These increases have become permanent and improved the adequacy of pensions. However, not matched by revenue measures, they have widened the deficit of the pension system. Reforms that increase the incentives to contribute to the pension system and thus revenue would improve the financial sustainability of the pension system and reduce fiscal risks.