How much will the pensions and civil servant salaries be? There are two scenarios being discussed for the January raise.

The Central Bank announced its end-of-year inflation forecasts in the 3rd inflation report of the year. These forecasts can be used to calculate the pension and salary increases. Here is the new rate of increase for civil servants, SSI and Bağ-Kur retirees with the inflation differential...

END-OF-YEAR INFLATION FORECAST AT 38 PERCENT

Inflation figures, which are decisive in many items including pension and civil servant salaries, have been determined. The Central Bank announced its end-of-year inflation forecast. While the Bank keeps its 2024 end-of-year inflation forecast at 38 percent, it announced the upper band as 42 percent. Thus, the strongest 2 scenarios for civil servant and retiree increases have been determined.

CIVIL SERVANTS AND CIVIL SERVANT RETIREES

According to this, if the Central Bank's forecast of 38 percent is realized at the end of the year, civil servants and civil servant retirees will receive a very small amount of inflation differential. Civil servants and civil servant retirees will have a 6 percent increase in January as a result of collective bargaining. According to the forecast of 38 percent, the increase for civil servants and civil servant retirees, including the inflation differential, will be 6.62 percent. If the upper band of 42 percent is realized, the rate of increase for civil servants and civil servant retirees will reach 9.70 percent.

SSI AND BAĞ-KUR RETIREES

The 6-month inflation increases of SSI and Bağ-Kur retirees are also calculated according to these two forecasts. SSI and Bağ-Kur retirees receive an increase equal to the inflation that occurred in the last 6 months. Accordingly, if the forecast of 38 percent is realized, the 6-month inflation will be 10.65 percent. This will give the rate of increase for retirees. If the inflation in the upper band of 42 percent is realized, the 6-month increase rate will be 13.95 percent.

HOW MUCH WAS THE PENSION AND SALARY INCREASE IN JULY?

In July, the 6-month inflation rate was 24.73 percent, and SSI and Bağ-Kur retirees received an increase in line with this inflation rate. Civil servants and civil servant retirees received an increase of 19.31 percent along with the increase in the collective agreement. In January, both civil servants and all retirees received an increase of 49.25 percent along with the welfare share, and the annual increase reached 86.16 percent. With the announced July inflation, the rate for the first 7 months became 28.76 percent.

FINAL FIGURE ON JANUARY 3RD

These forecasts will be recalculated according to the inflation rates that will occur during this period. However, the final figure will be announced on January 3rd, along with the December inflation.

HOW IS THE PENSION INCREASE CALCULATED?

SSI and Bağ-Kur pension increases are determined twice a year. Pension payments increase by the rate of inflation for the 6-month periods of January and July.