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Bulgaria Approves Pension Change Despite Coalition Rift

By Clip Syndicate
Bulgaria's parliament on Friday approved making private pension contributions optional despite the junior coalition partners voting against a plan that has been criticized by the financial sector and brought Bulgarians out onto the streets. Hundreds of protesters in downtown Sofia have called for the resignation of Finance Minister Vladislav Goranov over the past two days, fearing their pension savings will be swallowed up in an attempt to cover the country's wide fiscal deficit. The new pension rules would apply to people born after 1959 and all new entrants to the labor market would have their second-pillar contributions directed to the state fund unless they picked a private fund within a year of starting employment.








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