Last Chance for Retirement Borrowing without Increase!

The minimum wage in Turkey is set to increase by 49.11 percent, and with it comes a ripple effect on other wages and debt payments. To avoid being impacted by the increase, borrowing transactions need to be completed before January 1, 2024.

If you’re looking to retire but have an insufficient number of premium days for applications such as military service, birth, law internship, and doctorate or medical specialization, there are only 2 days left to benefit from the non-increased tariff. After this period, there will be a 49.11 percent increase in borrowing fees.

To carry out borrowing transactions, individuals have the option to visit the Social Security Institution or use the e-Government portal.

For birth debt, it is possible to borrow 720 days of debt for each child, amounting to a total of 2160 days for a period of 6 years. The daily fees for borrowing vary between 143 lira and 1073 lira for 2023, and between 213.2 liras and 1600 liras for 2024.

Borrowing before 2024 offers a significant advantage, as individuals will pay 49.11 percent less than the increased fees. For example, borrowing for 6 months of military service will result in a payment of 25,750 lira in 2023, whereas borrowing on January 1, 2024 will mean paying 38,394 lira.

For those who have reached the retirement stage, it’s important to check their retirement conditions and apply to the Social Security Institution to receive their salaries in a timely manner.

Overall, the impending increase in the minimum wage and borrowing fees underscores the importance of taking action before the deadline to avoid additional financial burdens.

 

This message was taken from this source and rewritten by artificial intelligence.