Podcast in English
Text size
Bulgarian National Radio © 2025 All Rights Reserved

Industrial Capital Association: Increasing the minimum wage is a mistake

Vasil Velev, chairman of BICA
Photo: BGNES

The Bulgarian Industrial Capital Association (BICA) forecasts a decline in the country's gross domestic product between 3.5 and 5.5% depending on the development of the second wave of Covid-19. This was said for BNR by the chairman of the association Vasil Velev. According to the forecast, this decline will not be compensated in 2021. Velev stressed that also in 2021 there should be measures to support employment and income, at least for a few more months, as well as support for investment in the economy.
According to Velev, the increase in the minimum pension proposed by the government is a wrong and inadequate policy. There should be no minimum pension at all - the pension should depend on the insurance contributions. If someone has a very small pension - then social assistance comes into force. It is also a wrong policy to increase the minimum wage with rising unemployment and falling GDP, the economist said.



Последвайте ни и в Google News Showcase, за да научите най-важното от деня!
Listen to the daily news from Bulgaria presented in "Bulgaria Today" podcast, available in Spotify.

More from category

Red heat alert issued for 12 Bulgarian districts, orange code alert in effect for the rest of the country

On Saturday, it will be sunny and even hotter. In the afternoon, clouds will form over the mountainous regions of Western Bulgaria, and by the evening, also in the northwestern areas. Isolated thunderstorms and rain showers are expected in some..

published on 7/25/25 6:25 PM

President: Pogrom on the Constitution will continue to distort political life

The flaws in the Constitution, admitted by the government of the GERB-SDS and PP-DB coalition with the support of the DPS in 2023, were not removed by the Constitutional Court. That is how President Rumen Radev commented on the fact that yesterday the..

published on 7/25/25 5:46 PM

Bulgaria is the most affected country by fires in the EU for 2024-2025

The most affected country by fires for 2024-2025 in the European Union is Bulgaria, the Ministry of Environment and Water has reported. Over the past two years, this country has reported an alarming trend: 38,000 sq. m. have been affected by fires and..

published on 7/25/25 5:13 PM