Attention retirees with a base salary below 10,000 Turkish liras! You may not receive any raise.

The Turkish Statistical Institute announced that the inflation rate for June is 1.64, the inflation rate for the first six months is 24.73, and the annual inflation rate is 71.60. Based on these data, SSK and Bağ-Kur retirees are entitled to a 24.73% increase. The total increase rate for civil servants and retired civil servants is 19.31%.

ESTIMATED FIGURES FOR PENSION INCREASES ARE ANNOUNCED

There hasn't been any announcement yet regarding the adjustment of the minimum pension, which is currently set at 10,000 TL. The expectation is that there will be an increase of at least the inflation rate for the first six months. If this scenario becomes a reality, it is suggested that the minimum pension could be redefined to be around 12,473 TL. A parliamentary regulation is required for the adjustment of the minimum pension.

• Retirees with a base pension of 10,000 TL are expected to receive 12,473 TL.
• Retirees with a base pension of 15,000 TL are expected to receive 18,709 TL.
• Retirees with a base pension of 20,000 TL are expected to receive 24,946 TL.
• Retirees with a base pension of 25,000 TL are expected to receive 31,182 TL.

MILLIONS OF WORKER RETIREES MAY NOT RECEIVE AN INCREASE

In July, an increase based on the inflation rate for the first six months is applied to worker and Bağ-Kur retirees, in accordance with Law No. 5510. This is because the pensions of retirees with base pensions below 10,000 TL are supplemented by the Treasury to reach 10,000 TL. Thus, the minimum pension for the retiree becomes 10,000 TL. It is even lower for widows and orphans. However, the increase in pension is applied to the base pension, not the supplemented pension.

THEY WILL RECEIVE AN INCREASE EVEN LOWER THAN INFLATION

It is estimated that there are 3.6 million retirees with base pensions below 10,000 TL. Since the increase in pension in July is applied to the base pension and does not increase the minimum pensions, which are currently at 10 TL, by the official inflation rate, millions of retirees will receive no increase or an increase even lower than the official inflation rate.

For example, if a retiree with a base pension of 8,000 TL receives a 24.73% increase, their pension will increase by 1,978 TL, reaching 9,978 TL, which will then be supplemented to 10,000 TL. Since they already receive 10,000 TL, there will be no increase in their pension.

CALCULATION METHOD FOR PENSION INCREASE

SSK and Bağkur retirees will see their new pensions by multiplying their last received June pensions by 1.2473. Civil servants and retired civil servants will see their new pensions by multiplying their last received pensions by 1.1931.