Record 22.98% Rise in Disability, Old-Age, and Survivors Insurance Pensions – BRTK
The Council of Ministers in North Cyprus has recently announced an increase in disability, old-age, and survivors’ insurance pensions by 22.98 percent. This decision, which was published in the Official Gazette and went into effect immediately, comes as a relief for many pensioners in the country.
According to the provisions of the Turkish Cypriot Social Insurance Law and the Social Security Law, disability and old-age insurance pensions have been raised by 22.98 percent. This increase also applies to individuals receiving a pension from death insurance, with adjustments made based on their respective shares.
Furthermore, those receiving permanent income from work accidents and occupational diseases insurance, as well as new permanent incomes, will also see a 22.98 percent raise. The Council of Ministers has stipulated that new permanent incomes must not be less than 60 percent of the earnings subject to premium.
This significant decision is set to be implemented starting from May 1, 2024. The increase in pensions will provide much-needed support to pensioners in North Cyprus, helping them meet their financial needs more comfortably.
