What is the amount of the minimum wage from 01.01.2024
We welcomed January 1, 2024, with changes to the minimum wage. Its amount is set following the provisions of the Labour Code, according to which the minimum wage for the country for the next calendar year is set at 50 percent of the average gross wage for the last two quarters of the previous year and the first two quarters of the current year.In other words, the amount of the minimum wage is increased from BGN 780 to BGN 933, or the increase is by 19.6% compared to its value as of 31.12.2023. In the current year 2024 the minimum hourly wage will be BGN 5.58.
According to experts and representatives of the executive, the increase is again motivated by the desire to increase the purchasing power and consumption of the lowest income groups of the labor market, as well as to increase the motivation of the workforce to join the workforce. If last year, in justifying the increase, the focus was on tackling unfair competition, this year it is on inequalities in income distribution.
The amount of the maximum social security income is increased by BGN 350 and from 1 January 2024 will be BGN 3,750.
What is the official measure of inflation in Bulgaria?
If in 2022 the word "inflation" was one of the most frequently mentioned in the media space and daily communication, then fortunately in 2023 the thoughts and minds of entrepreneurs and employees were dominated by other events. Again, to provide timely information in support of the individual household or business unit, many statements about inflation and therefore its value measures emerged with expert weight. With the use of terms such as 'real inflation', 'hidden', or 'underestimated' inflation, value estimates have accordingly acquired diametrically gravitating measures, and the bases for calculating and forecasting price dynamics have ranged from daily to ten-yearly.
The issued on 15.01.2023. In the official bulletin of the National Statistical Institute (NSI), information on the Consumer Price Index (CPI) was announced. According to the published information, the annual inflation rate for December 2023 compared to December 2022 is 4.7%. Again based on NSI data, information on the Harmonised Index of Consumer Prices for the period December 2023, compared to the period December 2022, was presented, which amounted to 5.0%.
Индексът на потребителските цени (ИПЦ)
The official measure of inflation in the Republic of Bulgaria is the Consumer Price IndexIt estimates the overall relative price change of goods and services used by households for personal (non-productive) consumption and is calculated by applying the structure of final monetary consumption expenditure of Bulgarian households. The main source of expenditure information is the national household budget survey. The CPI in year t is calculated with the expenditure structure of year t -1.
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