As of 1 January 2024, new conditions for retirement in Bulgaria came into force, following the adopted changes in the State Social Insurance Budget Act for 2024. The main changes include an increase in the retirement age and pensionable service for both men and women. What do we need to know if we retire this year?
Retirement conditions for category III work
For women, 62 years and 2 months of age and 36 years and 6 months of contributory service are required in 2024. For men, the conditions are 64 years and 7 months of age and 39 years and 6 months of contributory service. These requirements will continue to increase each year until 2030.
Reduced pension under Article 68a of the CSR
For people who have accumulated the required length of pensionable service, it is possible to retire up to one year earlier than the normal age, but the pension will be at a reduced rate.
Retirement with incomplete service
For those who have not accumulated full pensionable service, the retirement age remains 67 years with 15 years of actual pensionable service.
Retirement for category I and II work
Workers in heavy and hazardous work (1st and 2nd category work) will also retire later. For women in category I, the age of 50 years and 8 months is required, and for men 54 years and 2 months. For category II, women retire at 55 years and 8 months and men at 59 years and 2 months.
Specific categories
For those working in the Defence and Security sector, the retirement age is 54 years and 2 months with 27 years of pensionable service. Teachers will retire at 59 years and 2 months for females and 61 years and 7 months for males, with specific service requirements.
Purchase of insufficient pensionable service
The maximum under-service that can be purchased from 2024 is up to five years. The cost for one year of service is £2,216. This option is also available to former full-time students for the duration of their studies.
With these changes, the Bulgarian pension system continues to adapt to demographic and economic realities, ensuring a more sustainable future for pensioners.
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