Implementation of 12,500 Lira Minimum Retirement Salary Approved by Turkish Grand National Assembly
The Turkish Grand National Assembly has accepted the Bill of Law on Amendments to Tax Laws and Certain Laws, including an increase in the minimum retirement salary to 12,500 liras. The discussions on this bill are ongoing, with Article 29 specifically addressing the adjustment of the monthly minimum payment amount for retirees.
According to Article 29, individuals receiving old age, disability, death pensions, and their beneficiaries will now see their minimum payment amount increased to 12,500 liras, up from the previous 10,000 liras. This change will go into effect starting with the July payment period.
In addition to the increase in the minimum retirement salary, Article 28 of the proposal also addresses the short-term insurance branch premium rate. This rate is set at 2.25 percent, with the President authorized to adjust it between 1.5 and 2.5 percent.
The acceptance of this bill is significant for retirees and beneficiaries, as it ensures a higher minimum payment amount for those receiving pensions. The Turkish Grand National Assembly’s decision reflects their commitment to supporting retirees and improving their financial security.
Overall, the acceptance of the Bill of Law on Amendments to Tax Laws and Certain Laws demonstrates the government’s efforts to address issues related to retirement benefits and provide better support for pension recipients.
