How much will retirees and civil servants receive in terms of salary increase? Calculations have changed with the Central Bank's inflation forecast.

The Central Bank's survey of market participants for September has been published. According to this, the year-end inflation forecast decreased to 43.14%, and the USD/TRY expectation decreased to 37.16%. The survey also showed a decrease in growth expectations. This forecast provided an important clue for the raise of retirees and civil servants, which affects millions of people.

HOW MUCH WILL CIVIL SERVANTS AND RETIREES RECEIVE AS A RAISE?

If the Central Bank's year-end forecast is realized, inflation will be 14.76% in the second half of 2024. Thus, SSK and BAĞ-KUR retirees will receive a raise of 14.76% if the welfare bonus is not added. For civil servants and retired civil servants, the inflation difference will be 4.33%. The January raise will reach 10.59%. However, due to the base salary application, there is a discussion about raising the minimum retiree pension again. According to what is talked about in Ankara circles, it is expected that the minimum retiree pension will be raised to the level of 14-15 thousand liras.

HOW IS THE RAISE RATE DETERMINED?

Inflation is of critical importance for civil servants and retirees. SSK and BAĞ-KUR retirees will receive a 6% raise based on the 6-month inflation rate, and civil servants and retired civil servants will receive a 6% raise through collective bargaining, and the inflation difference will be added to this rate.

HOW MUCH WAS THE RAISE IN JULY?

Civil servants and retirees receive a raise every 6 months. In July, SSK and BAĞ-KUR retirees received a 27.73% raise, and civil servants received a 19.31% raise. The minimum retiree pension was increased from 10 thousand liras to 12,500 liras.