Small Tradesmen’s Retirement Premium Days Reduced to 7200

Turkish President Recep Tayyip Erdogan has announced that small shopkeepers will no longer have to pay the additional 1,800-day BAĞ-KUR payments for retirement premiums. This means that their small trader premiums will be equalized with SGK premiums. Previously, small tradesmen had to pay 9,000 working days to retire but now they will only need to pay for 7,200 premium days, the same as SGK.

For small traders that want to retire early, it is no longer necessary to have been covered by SSI for 3.5 years in the last 7 years. The equalization also means that the rule of 1261 for BAĞ-KUR is no longer in effect and the retirement status of a small trader, whether BAĞ-KUR or SSI, will not change.

This announcement is expected to benefit 1 million small shopkeepers, including grocers, barbers, tailors, and carpenters, in Turkey. The decision to equalize premiums is seen as an effort to help small traders who have suffered during the COVID-19 pandemic.

 

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