New Retirement Rules: Expert Explains Changes to the ‘7 Years Rule’ – Latest News
New Retirement Regulation to Allow Early Retirement for Bağkur Workers
A recent change in retirement regulations is set to benefit millions of employees, particularly those covered under the Bağkur insurance scheme. Normally, employees have the right to retire after completing a certain age and a specified number of insurance periods.
Currently, the premium day period for Bağkur workers is set at 9,000 days, while for those covered under SSK, it is 7,200 days. This means that Bağkur workers need to work more than 1,800 days, or approximately 5 years, to become eligible for retirement.
There have been discussions in the public arena about reducing the premium day periods for Bağkur workers, allowing them to retire 5 years earlier. However, no official steps have been taken in this regard.
A significant change in retirement rules is on the horizon for Bağkur workers who wish to retire early. Under the new regulation, workers can transition to the SSK system in order to retire sooner. The retirement eligibility will be determined based on the last 7-year insurance period. This means that a Bağkur worker who has accumulated 1,260 days of insurance under SSK within the last 7 years can retire early.
To shed light on how the new system will work, Social Security Counselor Emin Yılmaz explained, “There are various provisions in the social security system related to retirement, as stipulated in the Social Insurance and General Health Insurance Law. For those who have worked in the private sector or under the Pension Fund, specific rules apply regarding their retirement institution.”
After 2008, employees will be able to retire based on the institution where they have paid the highest premiums and accumulated the most days of insurance. The premium day requirements differ for SSK, Bağkur, and the Pension Fund, with Bağkur having a requirement of 9,000 days, SSK 7,200 days, and the Pension Fund over 9,000 days.
The potential implementation of this new regulation could see tradesmen such as tea vendors, grocery store owners, and barbers who are registered under Bağkur benefitting from retiring 5 years earlier, as the premium requirements for pre- and post-2008 periods are set to be equalized at 7,200 days. This adjustment aims to alleviate any grievances that could arise from the current system and provide relief to small tradesmen seeking early retirement.
