Minimum Retirement Pension Increase Approved by Commission
The Turkish Parliament has approved a new regulation article in the tax package that will increase the minimum retirement salary from 10,000 lira to 12,500 lira. This decision was made after the inflation rate for the first 6 months of the year was announced as 24.73 percent. Retirees will receive a 24.73 percent increase on their basic monthly salaries, with the lowest retirement salary being raised to 12,500 lira.
With this increase, widows’ and orphans’ salaries will also see a boost. When determining widow and orphan pensions, certain percentages of the deceased retiree’s pension are allocated to their spouse and children. The total amount given cannot exceed the retirement pension.
According to Sworn-in Certified Public Accountant Ahmet Kurtuluş, the increase in the minimum retirement salary is in line with expectations and will provide a much-needed boost to retirees, especially those with low base salaries.
Payments for the increased pensions are expected to be made this month, with SSK retirees already receiving their salaries as of the 17th of the month. Any difference payments will likely be processed later this month, but if not, they will be deposited into accounts as soon as possible.
Overall, the increase in the minimum retirement salary will have a positive impact on retirees and their families, providing them with additional financial support during these challenging times.
