Gutsanov: The key to unlocking the pension system lies in the shadow economy
The responsible institutions are still working on a roadmap to improve the system, but the minister denies that social security contributions and years of service will be increased

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The key to improving the Bulgarian pension system lies in the shadow economy and the undeclared billions in it. This opinion was expressed by Social Minister Borislav Gutsanov to journalists before the start of a conference on undeclared work.
What needs to be done is to combat the grey economy. We cannot have a grey economy of nearly 30% and pretend we don't see it," said Gutsanov.
According to him, the social ministry, as well as the cabinet as a whole, are doing everything possible in this direction and the work is already yielding “not bad results.”
We have BGN 1.7 billion more in revenue in the area of social and health insurance,” said Gutsanov.
A conservative system
When asked by Economic.bg about the stage of preparation of the roadmap for improving the pension system, Gutsanov replied laconically:
Work is underway on the roadmap, there is still time.”
We would like to remind you that its preparation was commissioned in May by the National Assembly to the social and finance ministries, the National Revenue Agency, the Financial Supervision Commission, and others, and the idea is to conduct a comprehensive analysis of the system, which already relies on the state budget to cover 50% of its needs. If the deadline is met, the strategy should be ready sometime in November.
Gutsanov pointed out that since everyone has some access to the pension system, there must be “predictability and security.”
He reiterated his position that the retirement age should not be raised, nor should pension contributions.
I am adamant that the retirement age should not be raised in any way,” he said.
“If changes are made, they should be incremental, not radical and significant. This is a conservative system and must be discussed very carefully,” he added.
Translated with DeepL.