Pension Reform Talks

Key reforms to Bulgaria's pension system—including a multi-fund model and enhanced financial literacy—were the focus of discussion at the Longevity Forum organized by Capital Weekly. Participants included Zornitsa Rusinova, chair of the Economic and Social Council (ESC); Maria Mincheva, deputy chair of the Bulgarian Industrial Association (BIA); and Boryana Simeonova from United Health Insurance Fund “Doverie”.

Rusinova stressed that improving demographic trends and reducing socio-economic disparities are essential for pension reform. Bulgaria's life expectancy stands at 71.9 years, significantly below the EU average of 80.1. She emphasized that better education and access to services can boost incomes and quality of life, ultimately impacting demographic stability, CE Report quotes BTA

Increasing financial literacy, especially among youth, was another major theme. Rusinova and Mincheva agreed that early education in financial skills is crucial for avoiding misinformation and building future resilience. “Only 18% of Europeans are considered financially literate,” Mincheva noted, highlighting upcoming outreach efforts, including student workshops.

Mincheva also advocated for broader participation in the third pension pillar and the need for systemic, long-term solutions rather than quick fixes. She expressed hope for progress toward a multi-fund pension model and emphasized its potential to generate higher returns for citizens.

Simeonova added that over 90% of Bulgarians rely on wages or pensions as their primary income, underlining the importance of securing stable retirement options. She also called for tighter regulations to limit repeated fund transfers and ensure long-term stability.

The forum concluded with a shared call for political and public consensus to push forward comprehensive pension reform.