Банкеръ Daily


Mika Zaykova: You Can't Give out Money without Knowing What the Revenues Will Be

"You cannot make estimates and give away money not knowing what revenues you’ll get." Thus, the economist and trade union expert Mika Zaikova commented to BNR on government promises to increase pensions. She reminded that in September the deficit in the National Social Security Institute was over BGN 5 billion and expressed distrust in Social Minister Denitsa Sacheva’s statement that the transfer from the state budget for 2020 will be BGN 4.134 billion.

"What they offer creates a distortion in the pension model and the entire insurance system. The minimum social security income is raised, but the maximum is not touched. The ratio between them is broken. Secondly, the maximum pension is raised, but the maximum social security income is not touched, that is, the ratio between them is violated," the economic expert explained.

  According to her, the government does not want the NSSI to have revenues in its budget. "Revenues will grow with only 3.8% and costs are 5 times more. This means that the central budget is under threat," she stressed.

Zaikova commented that the behavior of the government condemns future generations to miserable pensions, because the maximum social security income ceiling is retained and the Silver Fund has not been filled up through privatization, concession fees and surpluses." There were budget surpluses from 2016 to 2019, but not a penny entered this fund," the expert said.

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