Text size

Industrial Capital Association: Increasing the minimum wage is a mistake

published on 10/20/20 11:30 AM

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!

Radio Bulgaria News BICA Bulgarian Industrial Capital Association GDP minimum wage pension

More from category

The town of Apriltsi hosts the Festival of Bacon and Mulled Rakia

Today and tomorrow, the town of Apriltsi, located in the Balkan Mountains, is hosting the traditional Festival of Bacon and Mulled Rakia, which brings together thousands of tradition enthusiasts, reported BNR correspondent Plamen Hristov. Visitors..

published on 2/15/25 10:00 AM

Temperatures will drop over the weekend with light rain and snow showers expected

On Saturday it will be mostly cloudy with occasional sunny spells in the Upper Thracian Lowlands. In eastern Bulgaria there will be light to moderate east-northeasterly winds. Minimum temperatures will be between minus 1° and 4°C, around minus 1° in..

published on 2/14/25 7:05 PM

The Commission on Protection of Competition conducts major survey in the food sector

The Commission on Protection of Competition has requested information from producers and retailers of fast-moving consumer goods to determine the pricing methods, delivery conditions and factors influencing price changes . The focus of the study is on..

published on 2/14/25 5:52 PM