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A demographic and economic slump may force today’s actively working Bulgariansto retire at the age of 70 and not at all comfortably at that, an expert has warned.
“Nowadays Bulgarians aged between 30 and 40 exceed 1 million. When they become old enough to retire, their pensions should be paid by today’s teenagers, whose number is two time lower. How will the pension system work then if even now, with a fairly high number of active workers it is struggling and out of breath?,” Ivan Neykov, former Social Minister in the reformist right-wing cabinet of Ivan Kostov (1996-2001), told bTV channel this week.
The retirement contributions of the currently actively working Bulgarians are funnelled into paying pensions and health services, rather than being stashed away to be used when today’s middle-aged Bulgarians grow old. According to Neykov the fallout of the demographic slump in the 90s will be felt most acutely about 2035.
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