Payment of the new, higher pensions, which came into effect at the start of the month, has begun. This increase was implemented under the so-called 'Swiss rule', which adjusts pensions in Bulgaria in line with inflation. This time, the increase is 8.6%.

The average pension is expected to reach the psychological threshold of 1,000 leva (€511) by the end of the year, standing at 975 leva and 18 stotinki (€498). The minimum pension for insured persons has also increased, standing at 630 leva (€322) now. The social pension for individuals who have reached retirement age but have not made sufficient social security contributions will also increase to 333 leva (€170).

But do older people actually benefit from this higher income, or are the extra funds simply being swallowed up by rising prices? We conducted a short survey to find out.

Lachezar is a former teacher. Having retired nearly two decades ago, he does not feel any richer. Moreover, he is concerned about what will happen when Bulgaria adopts the euro on 1 January 2026.

“I haven’t received my new pension yet. This increase won’t solve anything because the average pensioner is still living below the poverty line.

I'm really nervous about the introduction of the euro. I'm against changing the currency — I want Bulgaria to keep the lev. I don't want the whole country to serve the interests of 300–400 people. The plan is to put our reserves into the European Bank while our leaders steal the money from Brussels," Lachezar predicts gloomily.

Anna is a former factory worker from the socialist era who has worked in the private sector since the fall of communism. For her, the biggest problem is the cost of living — more specifically, high prices.

"Prices are going up, but pensions are only rising minimally. There is absolutely no correlation. In other words, pensioners are having to choose again between buying medicine, milk, or clothes. That's it."

Emil worked for many years at Technoimpex, one of the most prestigious companies during the socialist era, and also spent time working abroad. Nevertheless, his pension is below average.

'We haven’t reached that point yet — the average pension is 975 leva. I get less than that, but it’s enough for me. They increased it by 60 leva, which is fair,' he says. “They are trying to strike a balance between price and pension increases, but it seems they are not succeeding. This is because prices are dictated by retailers, while pensions are dictated by the state. Retailers look after their own interests, and there is no one to control them. Clearly, there will be some imbalance, but only time will tell! At the moment, governments are unfortunately 'supra-governmental' — they are propped up by the grey economy. It sets the prices and the policy! If those in power and the politicians were to turn their backs on it, there would be no one left to support them,' Emil notes.

The growth in pensions in recent years is undeniable, but it is being "eaten away" by rising prices, says Mika Zaykova, a long-time trade unionist, former member of parliament and speaker of the parliament, who is now herself a pensioner. This is not an achievement of this or any other government. It was decided by law and not yesterday."