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Problems and a New Model of Pension System in Bulgaria

Author

Listed:
  • Alexander Todorov

    (Faculty of Economics and Business Administration, Sofia University St Kliment Ohridski)

Abstract

The worldwide issue of pensions and social security system is controversial and often leads to collisions when people disagree with the reforms. Maybe because reforms are unfair, but nobody bothers to explain why an injustice is going to happen. In this paper is proposed a new model for pension system in Bulgaria, using the best practices of existing pension systems around the world. The model of insurance contributions is unique because the average citizen will receive from the system as much as he has given to it. In bad times, the system automatically begins to resemble a social security system type “Beveridge” and people in need will be best protected. In better times, more and more will be the difference in the amount of pensions and the individual contribution of people will be assessed higher. In all cases, the model of insurance contributions will return to the average person as much as he has contributed to the system.

Suggested Citation

  • Alexander Todorov, 2014. "Problems and a New Model of Pension System in Bulgaria," Yearbook of the Faculty of Economics and Business Administration, Sofia University, Faculty of Economics and Business Administration, Sofia University St Kliment Ohridski - Bulgaria, vol. 12(1), pages 307-338, March.
    • Handle: RePEc:sko:yrbook:v:12:y:2014:i:1:p:307-338
    as

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