03.11.2026 22:21
Making a presentation on his ministry's budget at the Planning and Budget Committee of the Grand National Assembly of Turkey, Minister of Labour and Social Security Vedat Işıkhan denied claims that the revenues of the Unemployment Insurance Fund were invested in investment funds. Minister Işıkhan said, "It was asked openly, 'Was the unemployment insurance tied up in funds?' and I am answering openly: We do not have even 1 kuruş tied up in any fund."
During the discussions of the 2027 Budget of the Ministry of Labour and Social Security at the Grand National Assembly of Turkey (TBMM) Plan and Budget Committee, opposition MPs claimed that the revenues of the Unemployment Insurance Fund were being invested in investment funds. In his statement regarding these claims, Minister Işıkhan recalled that the Unemployment Insurance Fund is audited by the Court of Accounts and independent audit firms, and stated that the Unemployment Insurance Fund has no relation whatsoever to the liquidated funds.
STATEMENT FROM MINISTER IŞIKHAN ON THE UNEMPLOYMENT INSURANCE FUND
In the budget presentation at the TBMM Plan and Budget Committee, Minister of Labour and Social Security Vedat Işıkhan categorically denied the claims that the Unemployment Insurance Fund was being invested in investment funds in a risky manner. While responding to the claims, Minister Işıkhan clearly stated that not even a single kuruş belonging to the fund was tied up in any fund.
Işıkhan said the following:
“First of all, from the Unemployment Insurance Fund; under Law No. 4447, services are provided to insured unemployed persons who have lost their jobs against their own will and fault, relating to finding jobs and increasing and protecting employment; unemployment benefit, continuity of health coverage, finding a new job, vocational development, acquisition and training, and, as required by Article 33 of Labour Law No. 4857, wage guarantee and, under Article 65, short-time working payments.
“IT HAS NO RELATION WHATSOEVER TO LIQUIDATED FUNDS”
As for the funds; the Unemployment Insurance Fund has no relation whatsoever to the liquidated funds. The Unemployment Insurance Fund is evaluated in accordance with the provisions of the Public Treasury Regulation. Accordingly, the fund resources are evaluated in the instruments explicitly specified in the Regulation;
They are evaluated in Government Domestic Debt Securities, public deposit banks and public participation banks, and Takasbank.
It is legally and technically impossible for the fund resources to be evaluated in any area other than these instruments or to be used in speculative transactions.
The authorization for the Unemployment Insurance Fund to transact at Takasbank was granted by the Regulation amendment made on 19.01.2022, and after this date, lending through Takasbank began with the fund resources. On each transaction day, the interest rates at Takasbank are compared with deposit interest rates, and if Takasbank interest rates are advantageous, the lending transaction is carried out.
To make it fully understood, I would like to give the following example; just as you do not know to whom that deposit is given as a loan when you deposit money in a bank, Takasbank is the same for us. In addition; all banking transactions in the Unemployment Fund are carried out by Halk Bank. In Takasbank transactions as well, our intermediary institution is “Halk Yatırım”.
“NOT EVEN A SINGLE KURUŞ OF OURS IS TIED UP IN ANY FUND”
Due to Takasbank’s operating procedure, buyers and sellers cannot see each other, and every transaction carried out is under Takasbank’s guarantee. Therefore, our counterparty in these transactions is Takasbank, which has the nature of a public institution. The Unemployment Insurance Fund is audited at regular intervals both by the Court of Accounts and by independent audit firms.
These audit results, detailed tables of the financial transactions carried out, and where and how the resources are utilized are shared with the public regularly. When these disclosed financial tables and reports are examined, it will also be seen that the Unemployment Insurance Fund has no transaction with the fund management companies in question.
I would like to draw your attention to this: the Unemployment Insurance Fund is the hard-earned money of our workers, the right of our workers. And we have not let anyone take even a single kuruş of the rights of our laborers and workers, and we will not.
It was asked openly, “Was the unemployment insurance tied up in funds?”, and I am answering openly; not even a single kuruş of ours is tied up in any fund.”