Applications for higher retirement pensions are about to close.

Those who retire in 2024 are expected to receive higher salaries compared to 2025. The salary difference is expected to be around 30 percent.

LAST DAYS FOR RETIREMENT APPLICATION

There is a short time left for candidates who want to receive a higher salary to submit their applications. Private sector employees and public workers who receive their salaries on the 1st of the month must submit their retirement applications by December 31. Public workers who receive their salaries on the 14th of each month will be considered retirees for 2024 if they submit their retirement applications by January 14.

HOW MANY PEOPLE ARE AFFECTED?

It is estimated that approximately 300,000 people will be affected by the pension salary difference between 2024 and 2025.

DIFFERENCE WILL CLOSE IN 2031

Türk-İş announced that the differences in pension salaries will close in 2031. According to the unions' calculations, a worker with 9,900 days of premium payments will have the following pension salaries:

If inflation is 45 percent and the growth rate is 3.5 percent

2024 pension salary: 51,832 lira

2025 pension salary: 38,274 lira

WHAT IS THE REASON FOR THE SALARY DIFFERENCE?

The difference in pension salaries is due to inflation and growth rates. The monthly calculation for those retiring in 2024 will be based on the 4.5 percent growth and 64.77 percent inflation in 2023. A raise of 49.25 percent was made for retirees in January, and a raise of 24.73 percent was made in July. The cumulative raise rate for retirees in 2024 was 86.16 percent.

The year-end inflation for 2025 is estimated to be 45 percent, and growth is expected to be 3.5 percent. Considering these figures, the update coefficient for 2024 is calculated to be 1.8616, while the coefficient for 2025 is expected to be around 1.4605.