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

Vice President presents the most famous Chinese scholar of Bulgarian studies with an order

On behalf of the Head of State Rumen Radev, Vice President Iliana Iotova presented the Order of Sts. Cyril and Methodius, first degree, to Professor Ma Sipu, the press office of the president reported. The award was presented at..

published on 10/16/25 8:50 AM

Bulgarian Air Force celebrates its holiday

On the occasion of the Aviation and Air Force Day on October 16, at 09:00, flowers and wreaths will be laid at the Aviators Monument near the National Assembly in the capital city, the Ministry of Defense reports. The solemn..

published on 10/16/25 6:10 AM

Significant cloudiness and precipitation in the mountains and eastern regions

On Thursday , the lowest temperatures will be between 4 and 9°C; in Sofia – about 4°C. During the day, there will be significant cloudiness over many regions of the country. There will be light rainfall in places in the southeastern..

published on 10/15/25 7:30 PM