started · updated
Bulgaria proposes new mechanism for determining minimum wage
The Bulgarian Ministry of Labour and Social Policy has proposed amendments to the Labour Code to introduce a new mechanism for determining the national minimum wage. The proposal aims to balance social protection for vulnerable workers with economic predictability for businesses.
Under the new system, the minimum wage would be calculated based on four key indicators: purchasing power relative to the cost of living, overall wage levels and distribution, the rate of wage growth, and long-term labor productivity. The law would require the minimum wage for the upcoming year to be set by August 15 of the current year.
Additionally, the proposal includes a requirement to assess the adequacy of the minimum wage every three years. This assessment would use two reference values: 60% of the gross median wage and the cost of living. The process would involve mandatory consultations with national employers' and trade unions' organizations. The President of the National Statistical Institute would be tasked with approving the methodology for calculating the cost of living within nine months of the law's enactment.
Entities
Bulgaria · Ministry of Labour and Social Policy · National Statistical Institute
Claims
What the coverage asserts, and how many sources carry each claim.
- [○ 1 SOURCE] The Ministry of Labour and Social Policy is proposing changes to the Labour Code. www.infobusiness.bcci.bg
- [● 2 SOURCES] The minimum wage calculation will include purchasing power, cost of living, wage levels, and labor productivity. safenews.bg
- [● 2 SOURCES] The minimum wage for the following year must be determined by August 15 of the current year. safenews.bg
- [● 2 SOURCES] The President of the National Statistical Institute must approve the methodology for determining cost of living within nine months of the law taking effect. safenews.bg
- [○ 1 SOURCE] The new mechanism for determining the minimum wage will consider social and economic criteria. www.infobusiness.bcci.bg
- [● 2 SOURCES] An adequacy assessment of the minimum wage will be conducted every three years using reference values of 60% of the gross median wage and the cost of living. safenews.bg