The funds that young people your age have can come from different sources.

 

• Family

In the family, you probably receive pocket money (regularly, for certain household duties, or help in the family business), as well as gifts on various occasions. These funds, of course, depend on the family budget and the rules that are adopted in it.

 

• Scholarships

A possible source of income for students your age is various scholarships at school. They are financed from the state budget and are provided according to the school regulations, which describe their types, amounts and method of application. Scholarships can be monthly (for example, for excellent grades or for social support) and one-time (for example, for achievements or in the event of adverse circumstances).

Scholarships are also provided for young people with outstanding talents in the field of sports or arts by state institutions, as well as by private organizations within the framework of their initiatives, such as contests or competitions.

 

• Work

At this stage of your life, your priority is school, because education lays the foundation for building your future career. But even as a student, you can work. This will not only bring you income, but you will begin to build habits, knowledge, and skills that you can only acquire in practice. The important thing is to allocate your time correctly so that this does not interfere with your main commitment – ​​school.

Since you fall into the age group of minors – from 14 to 18 years old, there are some important regulatory provisions that you should be familiar with if you want to start working.

The Labor Code states that the minimum age for employment is 16 years, with some exceptions for participation in films, theater, and other performances, or for apprentice positions in circuses.

In order to hire you, the employer must obtain permission from the Executive Agency "General Labor Inspectorate". For this purpose, they prepare and submit to the regional Department "Labor Inspectorate" a package of documents - a job description with a description of the work you will perform, a risk assessment and measures for the protection of health and safety, a medical conclusion from the employer's occupational medicine service, etc. Hiring minors without permission from the Labor Inspectorate is a crime under the Criminal Code.

There are explicit restrictions on the work you can perform - it is forbidden for it to be heavy, dangerous or harmful to your health and to interfere with your development or training. You must also undergo a thorough medical examination by your personal doctor.

The employer is obliged to create easier working conditions, as well as the opportunity to acquire a professional qualification and improve it. Working hours are reduced to a maximum of 7 hours per day with a five-day work week.

Once the employer has received permission to hire you, he or she concludes an employment contract with you or your parents/guardians, which sets out all the conditions related to the work, remuneration, working hours, etc. You are given a job description with the specific tasks you will perform and you cannot be assigned any other duties. The employer pays the due social security contributions and taxes.

Most often, young people of your age work during the summer or part-time (hourly) in fast food restaurants, shops, cinemas, and other establishments, usually in the service sector.

The Vocational Education and Training Act in Bulgaria introduced the so-called "dual education system" for students in the 11th and 12th grades. It combines training at school and work in a company, for which students receive payment and acquire professional qualification.

Some companies, for example in the IT sector, offer paid internships for students, which is also a good opportunity to acquire professional skills in a real work environment and at the same time to earn an income.

 

• Real estate or financial instruments

You may also own real estate received as an inheritance or donation that is rented out – for example, residential property or parts thereof, urban plot or parts thereof and/or agricultural land and/or forest land (forest).

Other possible incomes are from financial instruments, such as savings accounts, deposits, insurance, investments, stocks and shares in companies, rights thereto, bonds, etc., which are in your name. They are an option for long-term savings and are usually for a specific purpose – for example, securing funds for university studies.

In addition to income within the family, from scholarships or from work, there are other opportunities that provide you with income. (link to the article "I work for myself")

 

Useful links

Law on Individuals and Family

Law on Vocational Education and Training

Law on Preschool and School Education

Labor Code

Executive Agency "General Labor Inspectorate"

Income subject to final tax