Sofia, Bulgaria: The Bulgarian Ministry of Labour and Social Economy announced that from January 1, 2023, the minimum working salary will become 933 BGN, the Government has decided. Its size will increase by 19.6%, or by 153 BGN, compared to its current value.
Yesterday, the Bulgarian Cabinet approved the new minimum wage parameters. From the beginning of the year 2024, it will be 933 BGN (477 Euros) calculated according to the new formula, based on the annual average salary. The Current minimum wage in Bulgaria is 780 BGN.
The Ministry of Labour and Social Policy highlighted that it is determined according to the provisions of the Labor Code, according to which the minimum wage for the country for the next calendar year is set at 50 per cent of the average gross salary for the last two quarters of the previous year and the first two quarters of this year.
The proposed new minimum wage measure will contribute to reducing worker poverty and inequalities in income distribution.
Rising minimum labour remuneration will increase the purchasing power and consumption of the lowest-income groups in the labour market and boost the workforce’s motivation to engage in employment.
From January 1, 2024, the minimum hourly salary will be 5.58 BGN. While addressing at the beginning of the regular meeting of the Council of Ministers yesterday, Prime Minister Nikolai Denkov remarked that the Government of Bulgaria is about to make one of the most critical decisions to prepare for the budget for 2024. Later, he announced the increment of 153 leva.
Compared to 780 leva in 2023, the workers will receive 153 more from January 2024. PM Denkov emphasized that with this decision, the Government is trying to fulfil the commitment to reducing inequality in Bulgaria, which is too high compared to other EU countries.
The Prime Minister explained that Bulgaria resumes to remain the country with the lowest salary, so he decided to get out of the situation and attract investors with high added value, high quality and a trained workforce who can provide enough wages to Bulgarian workers so they can fulfil the needs of themselves and their family.