A new formula for the lowest pension is on the agenda.

In the early days of 2025, the rate of increase in retirement pensions will become clear. After TÜİK announces the inflation data for December, the increase rate for SSK and BAĞ-KUR retirees will be finalized. Additionally, a new regulation for the lowest retirement pension will also be on the table. The details of the studies and the calculations regarding the increase rates will be shared with the public.

PENSIONS INCREASE IN JANUARY

In January 2025, there will be an increase in retirement pensions. First, the base salaries will be updated, and then a regulation will be made for the lowest retirement pension. It is expected that the current lowest pension of 12,500 TL will be increased. With this increase, a significant improvement in the income level of 16 million retirees will be achieved.

INFLATION DATA WILL DETERMINE THE INCREASE RATE

The increase rate for retirement pensions will be calculated based on the inflation data for December, which will be announced by TÜİK on January 3. During this process, the Ministry of Labor and Social Security and the Ministry of Treasury and Finance will work in coordination. Evaluations will determine both the salary increase rates and budget regulations.

YEAR-END INFLATION ESTIMATES SHAPING THE INCREASE RATE

Although the 6-month inflation rate has not yet been finalized, year-end inflation estimates have started to take shape. The 5-month inflation rate was announced as 14.57%, while estimates for the year-end show that inflation will be in the range of 45-46%. Based on this data, it is predicted that the increase in retirement pensions will be in the range of 16.25-16.50%.

EQUALIZATION FORMULA BACK ON THE AGENDA

In previous periods, the differences in increases between SSK and BAĞ-KUR retirees and the Pension Fund retirees were equalized with a welfare share increase. A similar equalization formula is expected to be on the agenda in 2025. In this context, the equalization of the increase rates for Pension Fund retirees with other groups is prominent.

WELFARE SHARE NOT EXPECTED THIS PERIOD

The economic management has set reducing inflation as a primary goal. Therefore, welfare share increases that were implemented in previous periods are not expected to be on the agenda this year. Salary increases will only be determined based on the inflation rates announced by TÜİK.

NEW FORMULA FOR THE LOWEST RETIREMENT PENSION

In January 2025, a new regulation for the lowest retirement pension is expected to be made. The strongest scenario is that the current lowest pension of 12,500 TL will be raised to 15,000 TL. However, parliamentary approval will be required for this increase.