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Bulgarian parliament overturns presidential veto on pension reform
Dec 16, 2011, 11:17 GMT
Sofia - The Bulgarian parliament on Friday overturned a presidential veto of pension reforms which aim to gradually increase the retirement age to 65 for men and 63 for women.
Outgoing President Georgi Parvanov vetoed the plan on Sunday saying it was drafted without a dialogue with labour unions and 'financially not justifiable'.
But parliament then overturned the veto in a 122 to 62 vote. Legislators had first approved the pension reforms last week.
Prime Minister Boyko Borisov's cabinet said the reforms are needed to ease the growing pressure of pension payments on the budget. The reforms go into effect next year, when the retirement age will increase by for months a year.
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