Bulgaria Compensation & BenefitsReading Time: 2 minutes
Your Bulgaria subsidiary is only as strong as the employees who help build it. You can hire the best employees by offering outstanding compensation and benefits that set your company above the competition.
As a Bulgarian company, you have to meet the country’s compensation laws and create a strong Bulgaria benefit management plan that provides statutory benefits and more. Globalization Partners can make your expansion easier through Bulgaria compensation and benefits outsourcing. We’ll find the best benefits for your company and ensure your employees meet Bulgaria’s laws so that you can enjoy peace of mind while running your company.
Bulgaria Compensation Laws
Bulgaria’s minimum wage is 283 EUR per month for all employees, no matter their age or experience. The Council of Ministers sets the minimum wage, so employers should watch for any changes to the law while operating in Bulgaria.
Employees are allowed to work overtime as long as both parties agree and the work relates to public security, emergency repair, or work safety. You cannot give employees additional leave for overtime, as they must get compensated. Employees should get 50% for weekdays, 75% for holidays, and 100% for public holidays.
Guaranteed Benefits to Know
The first step to creating a Bulgaria benefit management plan is including statutory benefits required by law. All employees get 11 days off for Bulgaria’s public holidays along with a minimum of 20 business days of vacation each year. If employees don’t use their annual leave in one year, they must get compensated for any unused leave up to two years from the date they first got the entitlement.
Bulgaria offers pregnant employees a generous paid maternity leave up to 410 days. However, 45 of those days must be taken before giving birth. Employees receive indemnity payments from the National Social Security Fund, which amounts to 90% of the employee’s gross salary. Fathers are entitled to 15 days of paid paternity leave after the birth of a child.
Dispersing the Right Bulgaria Benefit Management Plan
You can attract even more employees to your job openings by dispersing additional benefits along with your traditional Bulgaria benefit management plan. For example, a 13th-month bonus is not required by local law, but it’s considered a gratuity that some employees may expect.
Other common supplemental benefits in Bulgaria include tax-exempt food vouchers up to BGN 60 per month and private health insurance. If you do not want to source a private health insurance plan, you can give employees a stipend to find their own plan.
Restrictions for Compensation and Benefits
Companies that expand without the help of a global PEO must set up a subsidiary in Bulgaria before giving out compensation and benefits. If you work with Globalization Partners, we can use our Bulgaria benefit and compensation outsourcing services to help you expand without this restriction. You won’t have to take the time to set up a subsidiary, and we can handle all compliance for you.
Why Choose Globalization Partners?
You don’t have to go through your expansion process alone. Contact Globalization Partners to learn more about Bulgaria compensation and benefits outsourcing today.